PRESS RELEASE: Cleveland Medical Devices Inc. spins off Great Lakes NeuroTechnologies

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Cleveland, OH – March 23, 2011 – Cleveland Medical Devices Inc. (CMDI) has announced the formation of Great Lakes NeuroTechnologies (www.GLNeuroTech.com), a spin-off company which has acquired the rights to develop, market, and manufacture clinical motor assessment and therapy systems for the movement disorders market as well as physiological monitors for research and education markets. Great Lakes NeuroTechnologies (GLN) will perform R&D, engineering, manufacturing, distribution, and exporting of these technologies through two divisions: Movement Disorders and Research & Education Systems.
“Cleveland Medical Devices Inc. has been growing significantly in the areas of Sleep Disorders, Movement Disorders and Research / Education products. The spin-off will allow CMDI and GLN to further focus their efforts on their core competencies and dramatically boost their commercialization efforts”, said Robert Schmidt, CMDI’s Chairman. “The portability, quality, and cost efficacy of CMDI’s sleep monitoring products and web technologies such as SleepView, eCrytsal PSG, and Sapphire are leading the future of sleep medicine. This spin off will allow CMDI to quickly expand its market presence nationally and worldwide while continuing its excellence in R&D to serve the needs of more than 40 million sleep disorders patients”, said Robert Schmidt.

“The launch of Great Lakes NeuroTechnologies transitions a proven line of innovative medical and research systems, an expert team of engineers and researchers, and high quality manufacturing to a new organization with a focus on these core technologies” said Joseph P. Giuffrida, PhD, GLN’s President. “The transition of technologies, marketing and manufacturing for the movement disorders and research & education product lines from CMDI to GLN is expected to occur in stages over the next few months with no interruption in quality, delivery and support to CMDI or GLN.”

GLN’s Division of Movement Disorders will target Parkinson’s disease and other movement disorders through a portfolio of patient-centered diagnostic and therapy systems integrated with wireless, remote, and web based technologies. Devices to be manufactured by GLN will include KinetiSense™, Kinesia™, and Kinesia HomeView™ systems for capturing movement disorder motor symptoms both in the clinic, at home, and during clinical trials. GLN will continue to grow the product portfolio through ongoing research and development funded by the National Institutes of Health in collaboration with key clinical opinion leaders in the field of movement disorders.

GLN’s Division of Research & Education Systems will market and manufacture a line of wireless physiological monitors and intelligent analysis software targeted to research and education markets. The BioRadio™ is a general purpose physiological monitor for capturing signals such as brain waves, muscle forces and activity, electrical heart activity, respiration, galvanic skin resistance, and pulse oximetry. The BioRadio is packaged in CleveLabs™, a lab course system with sessions for teaching physiology, psychology, health sciences, and biomedical engineering principles; and BioCapture™, a general purpose physiological research system. GLN will continue to expand the growing customer base for these technologies at universities and research institutes both domestically and internationally.

About CMDI

Cleveland Medical Devices Inc.’s mission is to develop, manufacture, and market innovative sleep disorders diagnostic and therapy products that improve the quality of life and reduce total health care costs for patients around the world.

About Great Lakes NeuroTechnologies

Great Lakes NeuroTechnologies is committed to pioneering innovative biomedical technologies to serve research, education, and medical communities, improving access to medical technology for diverse populations, and positively impacting quality of life for people around the world.

Media Contact

Maureen Phillips
Sales & Marketing Manager
216.619.5918
mphillips@GLNeuroTech.com


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