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NeuroControl Corporation Announces Funding Totaling $4.5 Million in Latest Round of Investments.

CLEVELAND, Oct. 18 /PRNewswire/ - NeuroControl Corporation, a marketer of medical implants designed to restore function to persons with paralysis, announced today it has received equity funding totaling $4.5 million in a recent round of investment. Investors include Invacare Corporation, Primus Venture Partners, Morgenthaler Ventures, MCM Capital and BIOMEC Inc. The round of financing remains open for 30 days for an additional $2.5 million. Previous support has come from recognized medical industry leaders including A. Malachi Mixon III of Invacare Corporation and Bill Sanford of STERIS Corporation. Support from Cleveland healthcare institutions includes Case Western Reserve University, MetroHealth Medical Center and the Cleveland Clinic Foundation.

"We are extremely gratified with the continued support of our initial investors and the interest of new investors prominent in the community," said J.B. Richey, chairman and chief executive officer of NeuroControl Corporation.

"NeuroControl Corporation is on a major growth path," said Donna Richardson, president and chief operating officer of NeuroControl Corporation. "We have exceeded our sales forecasts for the first three quarters of 1999 and plan to finish the year very strong."

According to Richardson, NeuroControl Corporation plans to use the latest round of investment to market and grow its existing products, the FREEHAND(TM) System and VOCARE(TM) Bladder System, as well as roll out the European introduction of the StIM(TM) System, a stroke rehabilitation device designed to treat shoulder subluxation.

"We are a high technology company plowing new ground in the area of spinal cord injury and rehabilitation," said Richardson. "Our mission is to restore function to persons with disabilities and to establish credibility in the marketplace by achieving excellent clinical outcomes with NeuroControl products."

NeuroControl Corporation was recently invited by HIMA (Health Industry Manufacturing Association) to participate in the Joint Economic Committee (JEC) Research and Development Fair in Washington DC on September 29. The Fair showcased the latest breakthroughs in biomedical technology that improves the quality of living and adds value to American lives.

Headquartered in Cleveland, NeuroControl Corporation markets products that restore function to persons with paralysis. Products include the FREEHAND System, an implant that restores hand function to people with quadriplegia. The FREEHAND System received FDA Approval in 1997 and more than 140 people have received the device worldwide. The VOCARE Bladder System restores bladder and bowel function in men and women with complete spinal cord injury. The VOCARE Bladder System received FDA Approval in early 1999 and more than 1,600 people have received the implant worldwide. The StIM System, a stroke rehabilitation device, will be introduced in Europe the end of 1999. It reduces painful shoulder subluxation (separation of the shoulder joint due to weak muscles after stroke), a common side effect of stroke. NeuroControl Corporation was founded in 1993.
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Publication:PR Newswire
Date:Oct 18, 1999
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