SOUTH KINGSTOWN – CREmedical corp., a company that specializes in neurodiagnostic and neuromodulation technologies, has received $250,000 in “expanded” seed money from Slater Technology Fund and a $62,500 co-investment from the University of Rhode Island Research Foundation.
The seed-money expansion follows up on the URI Research Foundation’s previous $30,000 investment in the medical startup. CREmedical specializes in the development of concentric ring electrodes that enhance EEG scans, and the company contends the product may also have application as focused electronic stimulation for therapeutic purposes. According to the press release, CREmedical will use the new seed money to attract a business partner with relevant background and experience as well as to continue product development.
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CREmedical was founded in 2011 by Walter Besio, a professor of biomedical engineering at URI. Besio joined the URI faculty in 2008.
According to a press release, CREmedical has already received nearly $1 million in funding from the National Science Foundation since its incorporation in 2011.
“Dr. Besio and colleagues have done a terrific job in leveraging the research program they have established at URI to advance their EEG platform toward adoption into clinical practice,” said Richard G. Horan, senior managing director at the Slater Technology Fund. “We are pleased to partner with the URI Research Foundation to provide the capital needed to support the company’s launch in the research market. We are even more excited about the possibilities in diagnostic and therapeutic applications.”
Chris Bergenheim is the PBN web editor.