NeuroPace announced today that it raised $67 million for its RNS system for treating refractory focal epilepsy.
Accelmed Partners led the round, while an unnamed strategic investor, Revelation Partners, Soleus Capital and returning investors KCK Group and OrbiMed Advisors also participated, according to a news release.
Mountain View, Calif-based NeuroPace’s financing includes $33 million in new equity capital and $34 million from convertible debt provided by current investors from a prior round. A $27 million second tranche comprised of committed capital is available, too.
The company intends to use the funds raised to accelerate commercial growth and to pursue expanded indications for its RNS system, which it touts as the world’s only closed-loop brain-responsive neurostimulation system designed to prevent seizures at their source. It includes a neurostimulator, leads placed at the seizure foci, a remote monitor for uploading data and an RNS tablet and patient data management system for physicians to view data on a secure website and use to personalize therapy.
“This round of financing will enable us to execute our commercial strategy and maximize therapy adoption at comprehensive epilepsy centers,” NeuroPace CEO Mike Favet said in the release. “It will also fund a clinical trial to expand our indication to patients under 18 years old, a population whose quality of life is especially impacted by epilepsy. We now have the highest seizure reduction rates reported by any epilepsy neuromodulation device, a robust product innovation pipeline, and market expansion opportunities.
“With this additional funding, we can bring RNS System’s life-changing technology to significantly more people who are living with refractory epilepsy.”
In March, NeuroPace received FDA approval of MRI labeling for the RNS system for people living with seizures that do not respond to medication.
