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Seeking seed money for stem cell technology
Seeking seed money for stem cell technology
The NeuralStemCells team. CEO Ray Sekula is second from left.

Shortly after placing third in last year's competition, NeuroBank incorporated under a new name: NeuralStemCells Inc. "GE trademarked our name before we could," says founder Raymond Sekula, a neurosurgeon.

The company - which has created the technology to allow patients to harvest and store neural stem cells - hopes to open its first clinic and storage center in Pittsburgh by the end of the year. But first it must finish up compliance checks with the FDA and raise additional funding. Sekula estimates that NeuralStem can survive about three more months on what's left of its $400,000 seed money, which the firm has spent mostly on lab fees for processing its commercial procedure.

NEXT: Calming chronic pain

LAST UPDATE: Apr 15 2009 | 9:06 AM ET
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