Douglas M. Tucker, Ph.D.
E-mail: [email protected]
Milwaukee, WI, May 12, 2005 – Neurognostics, Inc., a Wisconsin based company that develops clinical applications for functional Magnetic Resonance Imaging (fMRI), announced today that it has successfully closed its third financing round on May 6th, 2005, raising $1,150,920 in private investments. The Company sold 4,807,520 shares of its common stock at $0.2394 to angel investors in southeast Wisconsin.
“We exceeded our goal of raising one-million dollars,” said Neurognostics’ CEO Douglas M. Tucker. “This success was due to several factors, including the positive impact of the State of Wisconsin tax credit program, interest on the part of the Silicon Pastures group, our partnership with the Frederick Group, a local financial management and consulting company, and the hard work by everyone affiliated with the Company.”
On January 20, 2005, Wisconsin Governor Jim Doyle initially qualified seven small technology businesses for investor tax credits under the new Angel Investor and Early Stage Seed Fund Tax Credit Programs created by Act 255. Among the seven, Neurognostics was the only company in the Milwaukee area to qualify. The programs offer Wisconsin income tax credits to angel investors and investors in seed-stage venture capital funds. The programs are designed to increase the supply of qualified angel investors and investors in qualified venture capital funds within the State of Wisconsin.
Founded in 2003, Neurognostics strives to enhance the quality of life for millions of patients suffering from disorders of the central nervous system (CNS) by developing, validating, and implementing applications that release the clinical power of fMRI. fMRI is a powerful imaging technique that extends the capability of Magnetic Resonance (MR) imaging by providing information about the functioning of imaged tissue. The Company hopes that its applications will become the standard technique to assess and manage patients with CNS disorders.