Date: Apr 12, 2010 Source: Company Data (
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CLEVELAND, Ohio (April 12, 2010) - Cleveland Medical Devices Inc. (CleveMed) and NeuroWave Systems Inc. (a spin-off CleveMed in 2008) today announced finalizing their license agreement where CleveMed formally transferred the anesthesia monitoring and seizure detection technologies previously developed by the NeuroWave Division of CleveMed. This includes a number of supporting technologies, including: wavelet analysis of the electroencephalogram (EEG) for anesthetic depth estimation and artifact removal algorithms developed by BioNova Technologies Inc. in partnership with the University of British Columbia, which had previously been licensed to CleveMed. NeuroWave has developed the NeuroSENSE Brain Monitor for Anesthesia, which is currently undergoing testing in Europe and the US and awaiting approvals for sales on both continents; and its upcoming NeuroMedic and NeuroFast products are easy-to-deploy seizure detection devices for emergency room and pre-hospital patients for both civilian and military applications. NeuroWave is also the only company selected by both the National Institutes of Health and the Department of Defense to develop seizure detection devices to monitor patients exposed to chemical warfare agents.
With a market for brain-wave monitoring devices for anesthesiology estimated to exceed a billion dollars, the NeuroSENSE is well positioned for significant sales as an easy-to-use and robust complement to standard-of-care anesthesia monitoring. The system acquires and displays bilateral frontal EEG signals and quantifies brain activity in patients undergoing general anesthesia or sedation. The NeuroSENSE is expected to improve patient safety and outcome by providing instantaneous tracking of the brain state and simultaneous monitoring of both cerebral hemispheres.
CleveMed will continue to focus its efforts on developing medical devices for the sleep disorders and movement disorders markets. The Division of Sleep Disorders has several new products for diagnosis and others in development for therapy of sleep disorders. The systems are uniquely suited not just for studies in the traditional sleep lab, but also for new and emerging applications that benefit from highly portable devices such as home sleep testing, hospital inpatient evaluation, outpatient pre-surgical testing, nursing homes, and "hotel sleep labs". CleveMed's Division of Movement Disorders has innovative systems for Parkinson's disease monitoring research and is close to launching clinically deployable monitors that record movement, restore control and enhance function for disorders such as Parkinson's disease, stroke and cerebral palsy.
Hani Kayyali, President of CleveMed stated "This is very exciting. The spin-off and licensing transactions will further boost CleveMed's and NeuroWave's successes by allowing them to focus their development and commercialization efforts on their respective areas of competencies. This is a great opportunity for CleveMed to realize its full potential as a leading company in sleep disorders and movement disorders".
Tatjana Zikov, President of NeuroWave said "NeuroWave is committed to improving patient outcome and quality of life by making brain monitoring cost-effective and accessible through innovative signal processing of brain waves. The NeuroSENSE is the first milestone towards that goal." Dr. Mo Modarres, Vice-chairman and Co-founder of NeuroWave, added that "This spin-off is the realization of our 15 years of dedication to research in intelligent and automated brain monitoring. We are now fully self-sustaining and profitable, while our new products will allow for substantial growth."
Robert N. Schmidt, Chairman of both CleveMed and NeuroWave concluded "The spin-off and license is a testament to the maturity of our products and success of our businesses. We have improved our overall strength and are pursuing additional strategic business development opportunities."
About CleveMed
CleveMed is pioneering the use of novel wireless monitoring systems for high growth neurology and rehabilitation applications. Through these innovations, CleveMed has developed a growing range of products that address the needs of the medical, research and academic communities around the world. Cleveland Medical Devices Inc.'s mission is to develop, manufacture and market monitoring and therapeutic products that improve quality of life and allow patients to leave the hospital earlier, thus lowering total health care costs. For more information, please visit www.CleveMed.com
About NeuroWave
NeuroWave is focused on developing improved clinical brain monitoring devices. The NeuroSENSE monitor is anticipated to be sold in Europe later this year and the NeuroMedic and NeuroFast will follow. For more information, please visit www.NeuroWaveSystems.com
