PA (October 19, 2005) – Neuro Kinetics, Inc.
(NKI), manufacturers of medical diagnostic equipment
used worldwide, announced today that it has been awarded
a Technology Adoption Grant from Innovation Works.
Works (www.innovationworks.org), an economic development
organization sponsored by the Commonwealth of Pennsylvania,
provides financing and management counsel to technology
companies in Southwestern Pennsylvania. The organization's
Technology Adoption Grants assist established companies
enhance their competitiveness through financial support
and access to the region's universities and other
are delighted to receive the funding and, perhaps
even more significantly, the vote of confidence from
Innovation Works," said Howison Schroeder,
products are already in use around the world, and
this grant is specifically targeted to help fund
a major evolution of our I-Portal® eye tracking
device," Schroeder added. "With the launch
of the next generation of I-Portal®, we expect to
lead the rapidly growing field of screening and diagnostics
through the quantitative assessment of eye movements.
The support from Innovation Works is an important
boost as we grow our business."
I-Portal® expansion is the first of three phases of
product development designed to offer low-cost neuro-otologic,
neuro-ophthalmologic screening devices for primary
expect Neuro Kinetics to see a positive bottom line
impact from its strategy to develop improved screening
devices," said Rich Lunak, president and CEO
of Innovation Works. "Innovation Works is proud
to play a role in the company's continued growth."
also recently closed on the first $400,000 of its
planned $1 million in new equity financing. By the
end of 2005, the company expects its three-year growth
to be in excess of 70 percent on average per year.
The additional funding planned by NKI will allow
the company to accelerate its growth.
neuro-otologic diagnostic devices used clinically for
balance and vertigo testing in hospitals and other
healthcare facilities, and for advanced research by
universities, government agencies and others. The company's
products are used by neurologists,
otolaryngologists, audiologists, ophthalmologists,
vestibular researchers and others across North
America, and in Australia, Asia and Europe.
pioneered the development of the motorized, modern
Barany (rotating) Chair System. It has
recently filed for three new patents.
Neuro Kinetics, Inc.
was recently named as a finalist in the annual Tech
50 Awards in the Life Sciences category, sponsored
by the Pittsburgh Technology Council to spotlight Western
Pennsylvania's fastest-growing, most innovative
information, please visit http://www.neuro-kinetics.com/.
Buckman Communications, for Neuro Kinetics, Inc.
+1 412.381.2900 or firstname.lastname@example.org