Novocor Medical Systems has entered into definitive agreements that will provide the company $961,000 in financing that the company will use to support development of its therapeutic hypothermia device.

Novocor is developing a device that that induces rapid chilling in the body. This therapeutic hypothermia can reduce the risk of tissue damage during periods of reduced blood flow in circumstances where patients experience cardiac arrest, traumatic brain injury, heat stroke or serious concussions. Novocor says the device would be ready on demand and could easily be stored on ambulances, fire trucks and helicopters. The technology was licensed from N.C. State University.