HOBOKEN, N.J. ¯ Stevens Proof of Concept Inc. (SPOC) of Stamford, Conn., a Technogenesis® Company incubated at Stevens Institute of Technology, and Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, have announced that CI has completed a follow-on pre-Series A investment of $300,000 in SPOC. CI made this investment through its Eli Whitney Fund. Earlier this year, CI invested in SPOC through its Connecticut BioSeed Fund.
SPOC was formed in July 2005 at Stevens Institute of Technology, Hoboken, New Jersey, by its University Research and Enterprise Development office along with Dr. Norman Marcus, a leader in pain management, and three Stevens undergraduate students in biomedical engineering. SPOC has developed a proprietary point-of-care medical diagnostic system, consisting of a medical device and methodology that pinpoint the specific myofascial (muscle) trigger points causing pain. The patent pending device is the first use of electroneural stimulation for diagnostic purposes. SPOC’s diagnostic system will benefit patients by helping to eliminate treatments that prove to be ineffective, such as surgical procedures, and by allowing physicians to locate more effectively and to treat muscles that generate pain.
Since approximately 100 million people in the United States suffer from chronic pain and approximately 80 percent of Americans suffer from some form of pain in their lifetime, the potential market for such a system is enormous.
Vikki Hazelwood, chief executive officer of SPOC, commented, “We are pleased to have had such solid and active support from our investors – CI and Stevens. CI’s follow-on financing will ensure that we maintain our stride as we continue to develop SPOC Inc. in Stamford and position it well for our Series A investment.”
Dr. Helena Wisniewski, vice president of University Research and Enterprise Development at Stevens Institute of Technology added, “We appreciate CI’s commitment to SPOC. The additional funding from CI provides a confirmation of SPOC’s commercial value. CI’s business guidance together with its funding has contributed significantly to SPOC’s rapid development, and we feel that working together we can reach SPOC’s true market potential.”
“We have been extremely encouraged by the ability of the team at SPOC to achieve its technical and business milestones,” said Peter Longo, president and executive director of CI. “Progress at the company has been faster and better than anticipated. Consequently, we wanted to help the company maintain its strong momentum and have supported it with this follow-on funding.” Longo added, “We look forward to providing further investment assistance to SPOC in early 2008, when it will be seeking a Series A round of funding.”
About Stevens Proof of Concept Inc.
SPOC is a provider of a revolutionary diagnostic medical device that identifies the specific myofacial (muscle) trigger points often overlooked by conventional diagnosis which can cause neck and back pain. This patent pending device together with the patented clinical methodology developed by Dr. Norman Marcus, SPOC’s chief medical officer and a leader in pain management, provide a complete diagnostic package for accurate and precise identification of muscle pain. Physicians using SPOC’s product may be able to cure chronic neck and back pain for people who have pursued other treatments, such as surgery, with unsatisfactory results. SPOC was formed in July 2005 by Stevens undergraduate students in biomedical engineering, Dr. Marcus, and University Research and Enterprise Development as a Technogenesis start-up company at Stevens Institute of Technology. For additional information please contact the CEO: vikki.hazelwood@stevens.edu.
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Stevens Institute of Technology
Founded in 1870, Stevens Institute of Technology is one of the leading technological universities in the world dedicated to learning and research. Through its broad-based curricula, nurturing of creative inventiveness, and cross disciplinary research, the Institute is at the forefront of global challenges in engineering, science, and technology management. Partnerships and collaboration between, and among, business, industry, government and other universities contribute to the enriched environment of the Institute. A new model for technology commercialization in academe, known as Technogenesis®, involves external partners in launching business enterprises to create broad opportunities and shared value. Stevens offers baccalaureates, master’s and doctoral degrees in engineering, science, computer science and management, in addition to a baccalaureate degree in the humanities and liberal arts, and in business and technology. The university has a total enrollment of 2,040 undergraduate and 3,085 graduate students, and a worldwide online enrollment of 2,250, with about 400 full-time faculty. Stevens’ graduate programs have attracted international participation from China, India, Southeast Asia, Europe and Latin America. Additional information may be obtained from its web page at www.stevens.edu.
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