Boston, Greatbatch pump more cash into Intelect
This article was originally published in Clinica
Executive Summary
Neuromodulation technology start-up Intelect Medical has secured additional funding of between $11-13.5m, as well as potential future milestone payments, from existing investors Boston Scientific and Greatbatch. The financing agreement with Boston also sees the company receive a co-exclusive licence to Intelect's Dimension visual programming software. According to Cleveland, Ohio-based Intelect, the new capital will be used to support ongoing R&D related to its deep brain stimulation (DBS) therapies and advance US and European clinical studies investigating the feasibility of the technology for traumatic brain injury and as a stroke recovery therapy. Boston and Greatbatch first became investors in Intelect in June 2007, when they injected $7m into the company's second financing round.