In recent years, the tech has gotten smaller — and in some cases, even noninvasive. The hope is that the innovation will fuel wider adoption of technologies to treat everything from Alzheimer’s disease to anxiety.
Plenty of major medical device companies, such as Medtronic and Abbott, contribute to the neurotech space. Boston Scientific recently made a major neuro play with the planned $3.7 billion acquisition of Axonics. In addition, Inspire Medical is a leader in sleep apnea treatment with its own neurostimulation device that offers an alternative to CPAP machines.
The rise of the brain-computer interface (BCI) has consumed the space as well. Companies like Neuralink, Synchron, Precision Neuro and more are vying to be the first to bring a BCI to market. (Read more about BCIs in these lists of companies to know from 2022 and 2023.)
Here are seven neurotech companies that have drawn the attention of MassDevice‘s audience and editors:
1. Amber Therapeutics
London-based Amber develops adaptive neuromodulation technology to treat mixed urinary incontinence (MUI). Amber-UI, a fully implantable system, targets the pudendal nerve through a novel, minimally invasive surgical procedure. The company labeled it the first fully implantable adaptive neuromodulation therapy in development for women with MUI.
In June, the company raised $100 million in its Series A financing round, signaling significant early interest in its technology from the investment community.
Early studies already confirmed the safety and feasibility of the procedure and therapy, Amber said, as well as a strong efficacy signal. The company expects results from a fully enrolled study in the second half of 2024 as it pushes toward U.S. commercialization.
2. Cognito Therapeutics
Since bringing in a $73 million Series B last year, Cognito Therapeutics has delivered multiple positive study updates for its non-invasive neuromodulation technology.
The Cambridge, Massachusetts–based company’s Spectris system could provide disease-modifying therapy for treating Alzheimer’s disease. Its non-invasive neuromodulation device delivers proprietary gamma frequency light and sound stimulation. This evokes EEG-confirmed gamma frequency brain oscillations to treat central nervous system (CNS) diseases.
Early results suggest that combined Spectris outcomes fall in line with published criteria for disease modification. Cognito said the data supports early treatment as well.
Dr. Ralph Kern, chief medical officer of Cognito Therapeutics, said: “This innovative therapy has the potential to be seamlessly integrated as a home-based treatment into the lives of patients and caregivers.”
3. Motif Neurotech
According to Motif Neurotech, traditional neuromodulation systems have limitations due to reliance on implantable pulse generators. Those generators have built-in batteries and wired leads, which can lead to potential points of failure like lead fractures, migration and battery failure.
The company aims to topple existing brain stimulation treatments and address the areas in which they fall short. Its precisely targeted implant and wearable headset for at-home use deliver episodic neuromodulation. Motif Neurotech believes this demonstrates effectiveness in treating TRD.
Additionally, the company says its technology offers minimal side effects compared to drugs. Its lead product treats treatment-resistant depression (TRD), a form of major depressive disorder (MDD). The company completed the first-in-human implant of the device in September. At the start of this year, it raised nearly $20 million in a Series A financing.
Last year, co-founder and CEO Jacob Robinson explained how Motif designed the device to Medical Design & Outsourcing.
4. Nalu Medical
Nalu Medical took a big step forward in its commercialization efforts with a $65 million equity financing to kick off 2024.
The company’s FDA-cleared spinal cord stimulation and peripheral nerve stimulation technology treats patients with chronic neuropathic pain. It delivers gentle electrical pulses to the nervous system to modulate pain signals before they reach the brain.
Nalu system includes a fully featured, battery-free, miniaturized implantable pulse generator (IPG). An externally worn therapy disc wirelessly powers the IPG, and the user can control it through a smartphone-based app. The company says its IPG, despite its smaller size, delivers treatment capabilities similar to larger IPGs. Nalu’s system also has an expected service life of 18 years.
5. Neurovalens
Belfast, Northern Ireland–based Neurovalens develops the Modius Stress device. It treats anxiety with a small and safe electrical pulse delivered to the head for 30 minutes before bed. During this time, users can perform other activities, like watching TV or reading.
With an FDA nod in April, people with generalized anxiety disorder (GAD) across the U.S. with a prescription can utilize this device now.
Neurovalens designed the device to deliver non-invasive electrical stimulation. It stimulates key areas of the brain and nervous system without the need for surgically implanted electrodes.
The company also picked up an FDA nod for its Modius Sleep device for treating insomnia last October.
6. Neuspera
Neuspera has received FDA clearance for its discreet, non-invasive sacral neuromodulation device to treat chronic pain of peripheral nerve origin. It’s currently an investigational device for treating urinary urge incontinence (UUI), a symptom associated with overactive bladder (OAB).
The device includes an ultra-miniaturized pulse generator attached to an electrode array. It is discreet and can fit within the protected space of the sacral foramen. The company designed it to eliminate the need for more invasive tunneling and a separate pocket for an implanted battery.
Neuspera also recently brought in $23 million in a Series D funding round. It earmarked those funds to support the UUI implant through the FDA premarket approval process.
7. Paradromics
As previously mentioned, BCIs are all the rage, so at least one had to make the list.
Paradromics already has two FDA breakthrough device designations for its Connexus BCI system. One recognizes its potential to help patients communicate after losing the ability to speak. The second covers the severe loss of movement to control computer devices. The FDA also recently accepted it into its Total Product Life Cycle Advisory Program (TAP).
Connexus enables communication for people with conditions like ALS, spinal cord injury and stroke. These conditions may cause severe motor impairment, affecting the patients’ ability to communicate. Future applications could include treatment-resistant mental health conditions, like depression.
The fully implantable BCI can record from single neurons using durable materials and packaging. Advantages include the ability to obtain high-resolution data over long periods of time. This data can enable complex applications like decoding intended speech.
Paradromics plans to conduct a clinical trial starting in 2025.
