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 News Release - December 18, 2006

Neuro Diagnostic Devices (NeuroDx) Names Industry Veteran Frederick Fritz as CEO and President

PHILADELPHIA--(HSMN NewsFeed)--Neuro Diagnostic Devices (NeuroDx), a Science Center funded medical device firm, has named Frederick J. Fritz as its chief executive officer, president and director.

NeuroDx, originally founded by neurosurgeon and inventor Dr. Samuel Neff, saw large unmet needs of his patients and became passionate about developing products needed in his clinical practice. One of those products was ShuntCheck(TM) and was developed by Dr. Neff at the Science Center. The Science Center shared his vision and invested in the company to help it grow. The Science Center has continued to cultivate the company(1)s vision and products by investment and interim management leading to the appointment of Frederick Fritz as the new chief executive officer.

In his role as CEO, Mr. Fritz will oversee Neuro Diagnostic Devices' efforts to address diagnostic and monitoring needs related to neurosurgery. He will focus on the launch and marketing of Neuro Diagnostic Devices developed ShuntCheck - the world's first easy-to-use, non-invasive method designed to help neurosurgeons proactively evaluate shunt flow.

"Fred's track record of successful leadership, product development and brand building promises to lead Neuro Diagnostic Devices to successful commercialization of its product portfolio," said Dr. Pradip K. Banerjee, NeuroDX chair, Science Center president and chief executive officer. "This is a significant milestone for NeuroDx and the Science Center in validating its Powering Commercialization strategy of finding, forming, funding and managing new science and technology companies," comments Dr. Banerjee.

"I'm excited to be joining NeuroDx as we prepare to introduce ShuntCheck. 300,000 Americans have hydrocephalus and are dependent on shunts. Shunt malfunctions are serious but current methods for monitoring shunt function are expensive, invasive and inaccurate. ShuntCheck will provide neurosurgeons with a valuable tool to help them care for their hydrocephalus patients," comments Fred Fritz, newly appointed chief executive officer, president and director of NeuroDx.

Mr. Fritz joins Neuro Diagnostic Devices from Valeo Medical, a biotech company he founded in 2003 to develop the world's first non-invasive diagnostic test for endometriosis. In 1997, he founded Songbird Hearing, a medical device spin-off of the Sarnoff Corporation, which developed and launched the world's first disposable hearing aid.

Mr. Fritz began his career in marketing management and new product development. He joined Schering Plough's Wesley Jessen in 1985 as vice president of marketing and sales and was promoted to general manager of Schering's over-the-counter pharmaceutical business in 1988 and of the podiatric products (Dr. Scholl, Lotrimin, Tinactin) business in 1990. He served as President of Coleman North America from 1995-1997. Mr. Fritz holds a master's in business administration from Harvard Business School and is a summa cum laude, engineering graduate from the University of Illinois.


Neuro Diagnostic Devices (NeuroDx) (

is a medical device company developing innovative products to address unmet needs in the neurosurgical market. The company's lead product, ShuntCheck(TM), addresses the need for a simple, non-invasive method of monitoring cerebrospinal fluid (CSF) flow in patients with hydrocephalus ("water on the brain"). ShuntCheck(TM) has received FDA approval 510(k) clearance and will be introduced into the U.S. in Q4 2007. The company's second product is a wireless, implantable intra-cranial pressure (ICP) monitor. NeuroDx has additional products in its portfolio to address diagnostic and monitoring needs in neurosurgery. The company expects to become a fully integrated medical device company over the next 36 months.


The Science Center ( is a "total venture ecosystem" that forms and funds early-stage life science and technology companies, accelerates their commercialization and provides the infrastructure and community they need to flourish. It offers specialized wet and dry laboratory facilities, turn-key management services, a $10 million Venture fund and an experienced real estate management team. Situated on 1.7 million sq. ft. of real estate on Market Street, adjacent to all of Philadelphia's major universities and medical research institutions, Science Center is positioned in a unique vantage point for creating powerful companies by bringing together strong science and scientists, entrepreneurs, managers, grants and investment capital. Science Center is an attractive "soft landing" place for international companies to launch their US businesses, and is a powerful economic engine for the regional economy. Since 2002, companies started at Science Center have attracted more than $380 million in additional private investments. The Science Center received the Outstanding Research/Science Park of the Year award by the Association of University Research Parks (AURP). AURP recognizes research parks that excel in bringing technology from the laboratory to commercially viable business activities, and promoting the growth of businesses, jobs and public revenue.

Source: The Science Center

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