RALEIGH, NC – Novocor Medical Systems has entered into definitive agreements that will provide the company $961,000 in financing that the company will use to support development of its therapeutic hypothermia device.
The Raleigh medical device startup said that the that the first of three tranches of the preferred stock financing closed on Wednesday, representing $337,000 in gross proceeds to Novocor. The investors were not disclosed.
Novocor is developing a device that that induces rapid chilling in the body. This therapeutic hypothermia can reduce the risk of tissue damage during periods of reduced blood flow in circumstances where patients experience cardiac arrest, traumatic brain injury, heat stroke or serious concussions. Novocor says the device would be ready on demand and could easily be stored on ambulances, fire trucks and helicopters. The technology was licensed from N.C. State University.
“I’m very excited to be taking this significant step forward in the development of our product that will aid first responders in saving the lives of thousands of cardiac arrest and stroke victims each year,” Anthony Voiers, president and CEO of Novocor said in a statement.
Novocor’s financial support so far also includes an NC Idea Grant and a loan from the North Carolina Biotechnology Center. Novocor has also received support from N.C. State’s Fast15, UNC’s Launch the Venture, the Blackstone Entrepreneur’s Network, and HQ Raleigh.