nUro, Inc. Invests in Wallonia-Based Medtech Company
Company views Wallonia as ideal environment to expand R&D and manufacturing
LIEGE, Belgium, April 28, 2015 /PRNewswire/ -- nUro, Inc. (the "Company") announced today that it has exercised its option to invest in Rosellini Scientific Benelux, SPRL. This marks the third investment in Wallonia by the Company (two equity injections and one acquisition). nUro, Inc. plans to manufacture its line of neurostimulation devices in its rapid prototyping labs in Wallonia and in conjunction with its manufacturing partner Medi-Line.
This investment comes in conjunction with notice of an award from the Walloon Region to fund further clinical studies evaluating the Company's vagus nerve stimulation device for the treatment of atrial fibrillation (AF); as a condition of the award, nUro expects to fund a portion of the project.
The Company also received support from the Wallonia Biotech Coaching (WBC) Incubator to complete the acquisition of Synaptix in late 2014. Mr. Serge Pampfer, Director of WBC, advised the Company on the financial mechanisms available to biotech companies that join the WBC cluster. This mechanism allowed the Company to preserve its own funds for operations and growth, which in turn helped facilitate two strategic hires for the Company, bringing its payroll in the region to a total of four Belgians out of a Company total of 10 employees. The strategic funding also led to the expedition of the Company's development process of its SynapseTM platform, a device that has received the CE Mark for the treatment of certain movement disorders. The Company continues to develop this platform and expand its field of use with a number of ongoing preclinical and clinical studies targeting overactive bladder, atrial fibrillation, and other indications treatable with neuromodulation.
"Belgium is considered to be a world leader in the research of neurostimulation devices," says Executive Chairman Hartmut Spitaels. "Our management adopted a 10-year strategic plan to capitalize on opportunities to work with talented clinicians and engineers in Wallonia in order to bolster our efforts in developing the world's leading neurostimulation company. In partnership with the Walloon Region, our Company has invested heavily in Wallonia, and we expect to continue to do so."
nUro, Inc. has recruited fellow Wallonia-based partners Universite Catholique de Louvain (UCL), Universite de Liege (ULg), Medi-Line, and Lambda Plus to create a world-class neurostimulation clinical and manufacturing consortium boasting expertise in the fields of neurophysiology, cardiology, bioengineering, biosensors, and implant systems integration. In addition to expansion in Belgium, nUro, Inc. is growing its presence in the U.S. and Germany as well. The Company has plans to file a Registration Statement with the U.S. Securities and Exchange Commission in order to become a publicly traded company on the OTC Markets QB exchange by year-end 2015. The Company also intends to List on the Munich Exchange once trading in the U.S.
About nUro, Inc. - nUro, Inc. arose from viable clinical programs developed internally and acquired from Medtronic. These programs were initiated at Rosellini Scientific via support from the National Institutes of Health (NIH) SBIR program. The formation of nUro, Inc. was finalized with the acquisition of Synaptix, a vertically integrated medical device manufacturing company with a CE Marked deep brain stimulator. This 16-channel recording and stimulation platform (SynapseTM) has been deployed in clinical studies for the treatment of movement disorders. In addition, the Company developed a wireless version of the device for use in the peripheral nervous system, most notably for the treatment of urological disorders. nUro, Inc. has now produced and tested its device conforming to Good Manufacturing Practice (GMP) in its class 10,000 clean-room. For more information on nUro, please visit our website at http://www.nurocorp.com
About the WBC Incubator -- The WBC Incubator is the regional Life Sciences incubator of Wallonia which aims to transform the local innovation potential in the field of Life Sciences by enhancing economic and industrial value. More specifically, the WBC assists in the structuring and development of innovative businesses that are competitive and sustainable in the fields of biotech, environmental, and food industries. The WBC Incubator works closely with all universities and research centers based in Wallonia, as well as with all public and private institutions involved in the creation and development of businesses in the Region. For more information about WBC Incubator, please visit their website at http://www.wbc-incubator.be/
About Walloon Region -- As soon as the first wave of biotechnology rose in Europe, Wallonia saw an opportunity to enter this key sector. The Wallonian authorities started to help newborn companies to devise their strategic plans. Moreover, as these start-ups were facing a highly competitive environment, the risk of "sudden death" was great. This did not deter the entrepreneurial mind in Wallonia. On the contrary, biotechnology was chosen as a top priority sector to position the region at the forefront of European bio-regions. The existing chemical and pharmaceutical companies provided the industrial expertise necessary to appreciate the results of the highly innovative research that was taking place in the universities. The life sciences sector could then enter a new phase of development.
About Medi-Line -- MEDI-LINE is a human size company that provides high quality and efficiency in Development, Engineering, and Manufacturing of plastic disposables for the medical and pharmaceutical industries. Founded in 1994 by three individuals, the MEDI-LINE company now employs more than 50 workers in the Liege Science Park of Sart-Tilman. From the beginning, its activities have been devoted 100% in the surgical and pharmaceutical sectors. Specialist in plastic devices, MEDI-LINE is the manufacturer and supplier to companies such as Johnson & Johnson and GE Healthcare. Since early May 2014, MEDI-LINE launched, for the first time, a new and innovative medical device in its own name becoming manufacturer and distributor. The TOM-Sling® represents a shift towards a new business model. For more information on Medi-Line, please visit their website at http://www.mediline.be
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SOURCE nUro, Inc.
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