CWRU Licenses MRI-Based Technology to Interventional Imaging; Company Also Receives $250,000 from Case Technology Ventures.

Business Editors

CLEVELAND--(BUSINESS WIRE)--June 9, 2003

Case Western Reserve University has completed a technology license agreement with Interventional Imaging, Inc. (I3), an early-stage medical device company developing technology to prevent heart attacks through the detection and treatment of vulnerable plaque in the coronary arteries.

I3 was formed by Professors Jonathan Lewin and Jeffrey Duerk of the Department of Radiology in CWRU's School of Medicine and University Hospitals of Cleveland with the assistance of CWRU's Office of Technology Transfer. It is based on technologies the professors developed over four years of research using $2.5 million in external funding.

"We are pleased to have launched Interventional Imaging based on CWRU technology," said Vince Kazmer, chief executive officer. "The market for our first application, the detection and treatment of vulnerable plaque, is wide open. Our development program is off to a good start because of the research performed at CWRU by Jeffrey Duerk and Jonathan Lewin. That research and continuing development will allow our company to commercialize the technology fairly quickly.

"Given the market need for a solution to the identification of vulnerable plaque, timing is critical and working with the capabilities at CWRU gives us an advantage," Kazmer added.

The technology licensed to I3 consists of small magnetic resonance imaging (MRI) coil catheters with related software that are used to obtain high-resolution images of the coronary arteries and to treat vulnerable atherosclerotic plaques, or plaques which have a high risk of rupturing and causing heart attack or stroke.

I3's initial application of the technology will be to identify vulnerable plaque, the leading cause of heart attacks. In the United States alone, more than 1 million people each year suffer from heart attacks and over half of these people die. Currently no useful method exists to determine if an individual is at risk due to vulnerable plaque.

Among the company's funding sources is a $250,000 investment from Case Technology Ventures (CTV), the University's pre-seed funding source. It is the first investment CTV has made since it was formed in 2002. "This company represents the ideal investment candidate for our fund, as it was based on CWRU technology, located in our region, and has an excellent team in place with a high potential for success," said Nick Frollini, CTV managing director.

"It is clear to us that the life-science research coming out of CWRU is world-class, and with the support of funds such as CTV there is great momentum being created for companies like Interventional Imaging, Inc.," said Cleveland Mayor Jane Campbell.

I3's business plan won the $40,000 grand prize in the biosciences division of the 2002 Case-Weatherhead Business Launch competition, and more than $50,000 from a State of Ohio Technology Action Fund program.

Kazmer has previously been chief executive officer of four life-science companies, including Phase-1 Molecular Toxicology and Copernicus Therapeutics, Inc. He took Lark Technologies, a Houston-based molecular biology contract research organization, public in 1996. He was also executive vice president and chief financial officer of Cleveland-based NetGenics. I3 is his third start-up company.

"I3 has all the components of an ideal university-launched startup company -- world-class researchers, validated technology, a large unmet market need, broad patent protection, strong commercial interest, and a chief executive officer with a proven track record of leading early-stage biomedical companies to success," said William S. Szczepaniak, senior licensing manager in CWRU's Office of Technology Transfer. "We are confident that I3 will be a major player in the emerging market of vulnerable plaque treatment."

Note to editors: The '3' in "I3" is normally written in superscript. It was changed for transmission purposes only.