The technology behind Novocor Medical Systems (Chapel Hill) was originally developed by students and faculty at the University of North Carolina Chapel Hill and North Carolina State University Joint Department of Biomedical Engineering. Novocor Medical Systems was spun-out of BME in the Spring of 2013 and in that short time achieved several honors including being an NCSU Fast 15 Company, highlighted at the UNC Emerging Company Showcase, invited to TEDMED’s “The Hive,” and invited as a Blackstone Entrepreneurs Network Company. These achievements are now being caped by two significant financing milestones.
Novocor Medical Systems received a $75,000 loan to continue prototype development and to engage with potential customers for its portable device for inducing hypothermia in cardiac arrest patients. This came through the North Carolina Biotechnology Center’s Small Business Research Loans (SRL) program. The SRL Program funds research to advance development of commercially viable technologies/products.
On August 29, 2013 Novocor announced that it entered into agreements for a $961,000 preferred stock financing, which is scheduled to close in three phases. The first phase, representing $337,000 in gross proceeds, closed on August 28, 2013. Novocor plans to use the proceeds from the transaction to finalize development of its proprietary therapeutic hypothermia-inducing device.