NEWARK, N.J., Dec. 19, 2007 (PRIME NEWSWIRE) -- NeuroTrax, creator of the web-based cognitive testing system called Mindstreams(r), announced today the successful completion of their Series B investment round. The company has raised more than $1.5 million from New Jersey Economic Development Authority (EDA) and private sources. The funding will be used to continue NeuroTrax's growth and expand sales and marketing efforts.
"This is a very exciting time for NeuroTrax," said Dr. Ely Simon, President and CEO of NeuroTrax. "We know that Mindstreams will be an important tool for many doctors around the world. No one else can offer Mindstreams' combination of consistent, objective testing and ease of use for both the medical professional and patient. We're thrilled to see that confidence shared by the people at the NJ EDA and our other investors."
NeuroTrax also announced the hiring of John Rooney as their new Chief Marketing Officer. Mr. Rooney, a veteran of the medical device and medical diagnostic business, will assume responsibilities for the full commercialization of NeuroTrax's cognitive testing systems. His role will focus on the development of the sales deployment as well as technical and customer support for the company.
Mr. Rooney has held executive positions of increased responsibility in both sales and marketing in his career. Most recently he was the Vice President of Marketing for the Terumo Medical Corporation where he was responsible for developing the full direct distribution strategy for their interventional product line. Prior to that, he served as Director of Marketing for Roche Diagnostics where he was responsible for the direct-to-professional marketing programs. Mr. Rooney received his BA in Economics and Business from McDaniel College in Maryland.
"John brings a wealth of strategic marketing and sales experience from the medical device and medical diagnostics health care segments to our commercialization efforts for NeuroTrax -- essential at a time where our cognitive performance assessment products will require a focused strategy for growth," said Dr. Simon. "John's background in direct marketing and sales to health care professionals will enable him to develop strategies we can rely on to win as we commercialize our products in the U.S."
The Mindstreams Cognitive Health Assessment software provides medical professionals with an objective measurement of cognitive function parameters as an aid in the clinical assessment of cognitive function and suspected cognitive impairment. It has been clinically proven to detect cognitive impairment associated with Alzheimer's disease and other neurological and psychiatric conditions allowing for earlier and more rapid treatment. It is estimated that Alzheimer's disease and other dementia cost the United States over $148 billion annually.
Mindstreams computerized tests assess performance in memory, attention and other cognitive functions, providing results within seconds and can track the performance of a patient over time. The proprietary Mindstreams database offers normative data from over 1,500 individuals, allowing medical professionals to instantly compare their patients' results with healthy people of the same age and education demographic.
About NeuroTrax
NeuroTrax is the creator of Mindstreams(r), the most advanced, clinically effective computerized system for the assessment of cognitive function available. Designed to provide an objective measurement of cognitive function parameters, Mindstreams offers the unique capability to track a patient's results over time, allowing medical professionals to check progress over months and years. Currently over 20 papers in scientific journals prove the validity of the Mindstreams approach. NeuroTrax is headquartered in Newark, NJ and has offices in Modiin, Israel.
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