EBS Technologies said today it raised $1.2 million (€1.1 million) in a new round of financing to support the company’s deep brain vision loss therapy.
The round was led by Earlybird and High-Tech Gruenderfonds as well as 3 private investors, Berlin-based EBS said. The round is still open for additional investors.
“We are very pleased with the trust expressed by our existing and new investors in the latest round of financing. The additional funds will allow us to further strengthen our market position in Germany and to expand our presence to international markets. The round of financing is still open to new investors; any additional capital raised in this round will be invested in an accelerated U.S. market access,” CEO Ulf Pommerening said in prepared remarks.
Funds from the round are slated to be used for faster market penetration and to further the company’s financial independence, EBS said.
“The therapeutic effectiveness of the electrical neurostimulation is clinically established for a number of brain and spinal cord indications, and we have known for years that the concept works. The positive und statistically significant effectiveness of the CE-marked EBS Therapy has been proven in a clinical study with 82 patients with damage to the optical nerve caused by glaucoma or circulatory disorders,” Dr. Jens Ellrich said in a press release.
EBS develops and markets EBS therapy, a non-invasive treatment option for patients with visual field loss. EBS won CE Mark approval in the European Union in 2013. The treatment was introduced to German markets in 2014, the company said.