Neuronetics said it raised $34.3 million in an equity offering slated to help broaden the use of its anti-depression device that relies on magnetic stimulation of the brain.
The Pennsylvania company initially disclosed the Series F round at the end of April, which included GE Ventures as well as "its original investor base."
Plans call for using the money to expand the reach of the company’s NeuroStar TMS device, which relies on transcranial magnetic stimulation (MRI0-strength magnetic field pulses), a non-invasive variety of neuromodulation.
NeuroStar won FDA clearance in 2008 to treat major depression in patients who haven’t benefited from traditional drug treatments. Beyond boosting NeuroStar’s availability, Neuronetics said it also plans to use the money to launch a study testing the device on adolescent patients between ages 12 and 21 who have major depressive disorder.
"Neuronetics is very excited about the outcome of the recent funding and the possibilities for expanded access to NeuroStar TMS for patients," president and CEO Christopher Thatcher said in prepared remarks.
In mid-2013, Neuronetics also launched a trial to test NeuroStar as a treatment for postpartum depression.
Thatcher joined the company just last December. He has previously held executive slots at Bausch & Lomb and also ran Integra LifeSciences‘ (NSDQ:IART) neurosurgery business, according to the Neuronetics website.
Neuronetics initially launched in 2003, focused on technology developed by Emory University that became the basis for NeuroStar TMS.