When Geoff Thorpe founded
NDI Medical in 2002 with his neurostimulation device for bladder control, he saw a market with a lot of potential. The company sold its MEDSTIM device to
Medtronic in 2008, kept the NDI name and branched into developing and commercializing new neurostimulation device companies.
The move has proved successful. NDI has launched two companies and has grown to 32 employees, 21 of whom work in NDI’s Cleveland headquarters. The company also has offices in North Carolina and Minnesota. Most recently, NDI Medical named Marilyn Eisele as president of the company. She has been with NDI about a year, previously serving as vice president of finance and CFO.
“What attracted me to the company was the innovation coming out of the collective enterprise,” Eisele says. “We took a step back after we sold the company in 2008 and decided to reinvent and continue the business as a development company where we develop new therapies.”
Since selling the company and regrouping as a developer of new technologies, NDI Medical has raised $17 million in private equity and another $9 million in grants and loans. In 2010, the company launched
Checkpoint Surgical, which makes a device that allows surgeons to locate nerves and muscles before making an incision, and
SPR Therapeutics, which develops nerve stimulation devices for pain management. Sales have doubled each year since Checkpoint was launched.
“In some ways we are a development company, and in some ways we’re an incubator company,” says Eisele. “We’re able to develop medical devices so each portfolio company doesn’t need its own team of engineers. It’s a very cost-effective way to use research.”
NDI Medical is in the process of launching a third company in the next few months.
Source: Marilyn Eisele
Writer: Karin Connelly