Financings in Brief: NeuroControl
This article was originally published in The Gray Sheet
Executive Summary
NeuroControl: Receives $7.6 mil. in additional equity funding from existing and new investors. New investors include: McDonald & Company; Morgenthaler Ventures; Robertson Stephens & Company; and Wessels, Arnold & Henderson. Primus Venture Partners, the Cleveland Clinic Foundation and Invacare increased their stakes in the Cleveland-based firm. A portion of the proceeds will go toward marketing of NeuroControl's Freehand neuroprosthesis following anticipated FDA approval later this year ("The Gray Sheet" Sept. 30, 1996, p. 11). Funds also will go toward consolidating European marketing and completing U.S. clinical trials of the firm's Vocare bladder/bowel control implant ("The Gray Sheet" May 13, 1996, I&W-5). The firm also plans to "build staff, including field representatives worldwide, and accelerate new product development"...