Currently Viewing: News & Events » News Article
 
NEURO KINETICS RECEIVES GRANT FROM INNOVATION WORKS

PITTSBURGH, 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.

Innovation 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 expertise.

"We are delighted to receive the funding and, perhaps even more significantly, the vote of confidence from Innovation Works," said Howison Schroeder, NKI CEO.

"Our 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."

NKI's 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 care physicians. 

"We 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."

NKI 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.

NKI manufactures 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.

The company 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 companies.

For more information, please visit http://www.neuro-kinetics.com/.

MEDIA CONTACT

John Buckman
Buckman Communications, for Neuro Kinetics, Inc.
+1 412.381.2900 or jbuckman@buckman.biz