Neuro Resource Group, a Plano, TX-based company that specializes in the development, design and manufacture of innovative medical products for injury management, rehabilitation, and pain management, is receiving a $1.5m investment from the State of Texas Emerging Technology Fund (TETF).
Neuro Resource manufactures portable, handheld neurostimulation devices (the InterX® products) that are available to physicians, physical therapists, occupational therapists, chiropractors and other healthcare professionals for a wide range of acute and chronic pain conditions.
The company received the first tranche of $300,000 in July of 2010. Additional payments were scheduled to be made in successive tranches dependent on meeting specific milestones over the following 12-18 months.
Due to the success of yet another peer reviewed published clinical trial and the completion of the new InterX Single Patient System, the state decided to move forward with investing all of the remaining $1.2m without further delay.
According to President and CEO of Neuro Resource Group, Sean Browne, “This capital will allow NRG to start building a sales and marketing team to sell the new InterX Single Patient System”.
The TETF is a $200 million initiative created by the Texas legislature in 2005, reauthorized in 2007 and again in 2009.