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Cleveland Biotech Gets $1.35M

Friday, June 20, 2008

Provided by Crain's Cleveland Business
Written by Chuck Soder

A Cleveland company that is developing a new coil for magnetic resonance imaging scanners has received a $1.35 million investment led by RMS Management Inc. of Cleveland.

Tursiop Technologies LLC will receive $1 million from RMS Management, which provides financial services to the families who founded Cleveland real estate firm Forest City Enterprises Inc. (NYSE: FCEA and FCEB), as well as another $350,000 from Cleveland venture development organization JumpStart Inc.

The company will use the money to buy lab equipment, which it will install in its lab within the BioEnterprise Corp. building, to hire one or two employees and to continue development efforts, CEO Brad Goldstein said.

Tursiop is developing a coil, the part of a scanner that picks up signals given off by patients, with parts made from nanomaterial, allowing it to produce better images faster, Mr. Goldstein said.

Mr. Goldstein, a co-founder in the company, first heard of the idea while sitting as a judge during the 2005 International Business Idea Competition at Case Western Reserve University.

“There hasn’t been a solution for making a great stride in the quality of MRI without having a much larger magnet,” Mr. Goldstein said.

RMS Management has made investments in technology in the past but does not actively seek them, said Scott Monaco, an investment analyst for RMS Management.

It invested in Tursiop because of the potential of using nanotechnology to make MRI coils, Mr. Monaco said.

“We were intrigued by the incorporation of nano into the MRI device,” he said.

JumpStart with this investment has made a total of 41 investments in 30 companies.