cultivate(MD) Announces Investment Into SpinTech

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Dec 03, 2018, 06:45 ET

HOLLAND, Mich., Dec. 3, 2018 /PRNewswire/ -- Genesis Innovation Group's cultivate(MD) Capital Fund II, LP, a fund focused on investments in early stage healthcare companies with innovative technologies, announces its investment into SpinTech.

SpinTech has developed a suite of software that offers innovative advancements for brain scan MRIs. The company has developed a method to collect data differently using a software processing technique that increases speed and accuracy while improving the overall workload. One of the problems facing radiologists today is that biomarkers critical for proper diagnosis and treatment of brain disorders are difficult to accurately detect in a meaningful timeframe and within clinical workflows. SpinTech's novel acquisition technique and post-processing software is designed to enhance visualization of biomarkers that you really couldn't see in the brain before while improving throughput and accuracy, making it a significant advancement in imaging.

Ward Detwiler, CEO of the Detroit, MI-based SpinTech said, "We are pleased to have received this investment from Genesis Innovation Group's cultivate(MD) fund and the support of their team, not only from the investment side but also for their operational experience in the start-up environment." He added, "The innovative platform we have developed not only makes brain imaging faster and easier to read, but also provides quantitative data that improves accuracy and allows for enhanced detection through AI, which will significantly improve radiologists' workflow while enhancing patient care. The investment funds will be used to support commercialization of our first FDA cleared product while expanding pilot testing of our next generation products. The medical device expertise that Genesis brings to the team will be a major asset as we bring this exciting new platform to market."

Matt Ahearn, Vice President of Finance and Operations for Genesis Innovation Group said, "We are very excited about SpinTech's vision to build a comprehensive software platform for the diagnosis and treatment of brain trauma and neurological degenerative diseases. They have decades of technical and thought leadership in the field of MRI, a global network of clinical partners and a product vision to help people suffering from neurological disease. We couldn't be more excited to partner with Ward and the SpinTech leadership team."

About cultivate(MD) Capital Funds

As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.

This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forwarding-Looking Statements

Certain Statements in this press release constitute forward-looking statements. When used in this press release, the words "will," "anticipate," and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of fund, its general partner, cultivate(MD) or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

SOURCE Genesis Innovation Group