NDI Medical, a Cleveland-based medical device incubator, has launched a healthcare venture fund for developing innovative neurodevice technologies. The NDI Healthcare Fund will seek out products in large markets while focusing on helping unmet health conditions.

NDI was formed in 2002 by entrepreneurs, scientists and medical and financial professionals. The NDI team develops high-growth companies that over the years have devised products to restore lost neurological function and reduce the effects of disease and injury. Its portfolio includes NDI Medical, Inc. Pelvic Health, which developed an innovative treatment for urinary incontinence; Checkpoint Surgical, which develops surgical devices to evaluate and preserve nerves and muscles; and SPR Therapeutics, which is working on neuromodulation therapies for chronic pain. In addition, NDI offers its portfolio companies assistance with regulatory affairs and quality systems, clinical affairs, research and financial services.

The NDI Healthcare Fund has already raised $8 million in funds from equity investments and a grant from the State of Ohio.

SOURCE: NDI Medical
WRITER: Diane DiPiero