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Global Center for Medical Innovation Selects Two for Convertible Notes

Thu, 03/29/2012 - 3:45am
The Associated Press

(http://devices.net)

The Global Center for Medical Innovation (GCMI) announced today that

it has selected two Georgia companies that will each receive up to

$50,000 in convertible notes: ICON Interventional Systems@ and MMJ

Labs.

"We are pleased to be able to provide pre-seed money that is so

critical to very early stage companies," said GCMI's Executive

Director, H. Wayne Hodges. "Unfortunately the limited funds we

currently have are available only to companies based in Georgia.

However, we are continuing to explore other sources of pre-seed

funding, including grants, loans and investment capital vehicles to

help the region's medical device companies grow."

GCMI is the Southeast's first comprehensive medical device innovation

center. The center brings together core members of the medical device

community, including universities, research centers, clinicians,

established device and drug companies, investors, and early-stage

companies, with the goal of accelerating the commercialization of

innovative medical technology.

GCMI selected companies that would benefit from a short-term

convertible note and which showed a high likelihood of being able to

repay the loan, Hodges explained. "Dr. Amy Baxter of MMJ Labs is a

bright, talented entrepreneur who wants to bring her manufacturing

back to the U.S. from China," Hodges said. "Jack Merritt, president

and CEO of ICON, led the commercialization of the original

Palmaz-Schatz Coronary Stent and is working on a pediatric bioscaffold

that could yield terrific benefits for children with coronary

conditions."

About ICON Interventional SystemsICON Interventional Systems is an

emerging medical device company providing cardiovascular solutions to

patients and doctors around the world. The company is headquartered in

Atlanta, GA with additional personnel in California and Cleveland.

ICON maintains advisory relationships with the staff and faculty of

Case Western Reserve University, Georgia Institute of Technology and

others.

http://www.icon-us.com(http://ctt.marketwire.com/?release868062&id1427167&type1&urlhttp%3a%2f%2fwww.icon-us.com%2f).

About MMJ LabsMMJ Labs was established in 2006 by Dr. Amy Baxter, a

pediatrician and pain researcher, to develop reusable, inexpensive

products for personal pain control. As a mother of three, Dr. Baxter

wanted to find a fast, effective solution to relieve sharp pain. The

initial product launched was Buzzy@, a bee-shaped palm sized device

combining cold and vibration. When placed between the brain and the

pain, the competing stimulus decreases minor sharp pains. Additional

products include Bee-Stractor cards which reduce pain through

distraction.

http://www.buzzy4shots.com/(http://ctt.marketwire.com/?release868062&id1427170&type1&urlhttp%3a%2f%2fwww.buzzy4shots.com%2f).

About the Global Center for Medical Innovation The Global Center for

Medical Innovation (GCMI) is an independent, not-for-profit,

full-service product development organization -- the first and only

one of its kind in the Southeast. The center helps new-product teams

enhance their product development, shorten time to market, and achieve

significant cost savings throughout the process. GCMI was one of six

winners of a national i6 Challenge focused on driving

commercialization and innovation in the U.S. in an effort to move

great ideas from the lab to the patient, creating jobs and economic

growth. GCMI will officially open its doors on April 18, 2012.

http://www.devices.net(http://ctt.marketwire.com/?release868062&id1427173&type1&urlhttp%3a%2f%2fwww.devices.net%2f).

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