Intelect Medical Adds $11 Million

Intelect Medical Inc., a Cleveland-based developer of implantable neuromodulation systems for brain injury recovery, has raised a minimum of $11 million as part of a financing and licensing deal with existing shareholder Boston Scientific Corp., according to VentureWire. It could receive another $2.5 million in milestone payments, and previously raised $10 million from Boston Scientific and Greatbatch Inc.