Brain stimulation technology developer Neuroelectrics announced today that it raised $17.5 million in a Series A financing.
Morningside Ventures led the funding round, the proceeds for which are earmarked for the development of Neuroelectrics’ non-invasive transcranial electrical stimulation (tES) platform.
Cambridge, Mass./Barcelona, Spain-based Neuroelectrics plans to use funds to advance clinical trials for the platform in treating refractory focal epilepsy and the at-home treatment of refractory depression, according to a news release.
“Neuroelectrics is developing a platform that builds upon the brain’s natural electrical properties to both understand and treat neurological dysfunction. Our goal is to offer a safe, non-invasive option that benefits those for whom effective treatments are unavailable,” Neuroelectrics co-founder Ana Maiques said in the release. “Our investors share this vision, and we are grateful for their confidence and partnership.”
The Starstimâ platform includes a multi-channel headpiece for brain monitoring and targeted neuromodulation, personalized treatment protocols based on neuroscience research, data and the patients’ physiological and anatomical data, as well as a cloud-based system for safe and controlled treatment protocol delivery in the home setting.
Neuroelectrics began a pilot study for its stimulation treatment for medically refractory major depressive disorder in February, and the company expects to commence a pivotal study in the third quarter to evaluate the platform’s safety and efficacy in treating medically refractory focal epilepsy.
“Our approach is science-based and computational, bringing together the data-driven physical science of the brain with established neuroscience principles and research,” Neuroelectrics co-founder & CSO Giulio Ruffini said. “We believe many brain disorders can be addressed computationally with model-driven neuromodulation to the benefit of those with brain dysfunction.”