NeuroPace said today that it raised a $74 million funding round, saying it plans to use the infusion to speed the commercialization of its implantable neurostimulation device for treating epilepsy.
Mountain View, Calif.-based NeuroPace said the round was led by the KCK Group and OrbiMed Advisors. NeuroPace’s RNS system monitors electrical activity in the brain, delivering stimulative therapy when activity appears abnormal. The device won pre-market approval from the FDA in November 2013.
“With this additional funding, we now have the resources necessary to substantially accelerate adoption of RNS system and improve quality of life for hundreds of thousands of patients in the U.S. alone who live with uncontrolled, disabling seizures,” CEO Frank Fischer said in prepared remarks.
“The outstanding clinical results obtained with the RNS system provide very compelling evidence to alter the epilepsy treatment paradigm,” added OrbiMed partner Jonathan Silverstein. “Even more exciting may be the unprecedented chronic EEG data captured by the RNS system, which provides physicians with a unique ‘window to the brain’ to improve patients’ outcomes over time.”
“We are very impressed with NeuroPace’s accomplishments,” KCK managing director Greg Garfield Sr. said in a statement. “The company created the first FDA-approved device to successfully apply brain-computer interface technology to monitor brain waves, detect unusual activity and respond in a way that is imperceptible and invisible to the patient. While epilepsy is the near-term therapy focus, the potential to apply this groundbreaking technology to other neurological conditions is enormous.”