NDI Announces New Healthcare Venture Fund

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Jan 31, 2011, 02:58 ET

CLEVELAND, Jan. 31, 2011 /PRNewswire/ -- NDI has launched the NDI Healthcare Fund, a new commercialization fund focused on developing innovative neurodevice technologies. The Fund recently raised $8 million from equity investments and a grant from the State of Ohio.

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"The NDI Healthcare Fund will invest in both seed-stage neurodevice companies and technologies," said Geoff Thrope, NDI's CEO, founder and president. "We are looking for product opportunities in large markets where there is at least one validated product, but where critical clinical needs still exist."

NDI is a leader in commercializing innovative neurodevice technologies to address significant unmet health conditions, improve patients' lives, and provide significant returns to investors. Over the past decade, NDI's team of neurodevice entrepreneurs, scientists and professionals has developed products to restore lost neurological function, prevent damage, and reduce the effects of disease and injury.

In April 2008, NDI sold its MEDSTIM urinary incontinence system to Medtronic for $42 million.

Since then, the company has raised an additional $15 million in private equity and another $7 million in grants and loans from the State of Ohio's Third Frontier Program and the NIH.

NDI invests these funds in its unique platform of technologies, pipeline of commercialization opportunities, and portfolio companies, including Checkpoint Surgical and SPR™ Therapeutics.

Checkpoint Surgical provides physicians with medical devices to locate, evaluate and preserve nerves and muscles in surgical procedures for better patient outcomes. SPR™ Therapeutics is developing patented nerve stimulation products for treating chronic and severe pain.

NDI maintains core capabilities under one roof -- including clinical and regulatory affairs, engineering and product development, operations and research -- to assess, develop and generate neurodevice products and companies. NDI is headquartered in Cleveland, Ohio, one of the world's leading centers of neurodevice research and innovation.

For more information on NDI, please contact Jackie Greiner at (216) 378-9106, ext. 117 or email at [email protected].

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