Neurmodulation technology developer Cadence Neuroscience announced that it secured $26 million in a Series B financing round.
The Angelini Lumira Biosciences Fund led the round. It also included new investors F-Prime Capital, LivaNova USA, Angelini Ventures, Spectrum Financial Services and Mayo Clinic. Series A lead investor, Jazz Venture Partners, also contributed.
In connection with the financing, Gerry Brunk of Lumira and Kevin Chu of F-Prime joined Cadence Neuroscience’s board.
Cadence develops a novel neuromodulation therapy for treating pediatric and adult patients with focal drug-resistant epilepsy. The therapy utilizes chronic subthreshold cortical stimulation. It modulates EEG biomarkers associated with epilepsy to reduce or eliminate seizures. Chu called the “precise, patient specific” stimulation method Cadence develops “unique and exciting.”
“We believe Cadence’s platform solution has the potential to become an important standard of care in drug-resistant epilepsy as well as other difficult-to-treat brain disorders,” said Paolo Di Giorgio, CEO of Angelini Ventures.
The company says it plans to use the funds raised to complete pivotal clinical studies and pursue FDA clearance.
“The Cadence team has extensive domain expertise in developing active neural implants and conducting human clinical studies in the field,” said Kent Leyde, Cadence co-founder and CEO. “During the last three years, we have been closely collaborating with Mayo Clinic in the design, manufacture, and engineering tests of our therapy system. These efforts are nearing completion and will enable us to begin clinical testing.”
