NeuroPace, which is developing an implantable device to treat epilepsy and other neurological disorders, is on the verge of closing a large financing round, according to a regulatory filing
The Mountain View, Calif.-based firm has drummed up $49.1 million of a hoped-for $61.9 million round, according to the filing. A slew of names linked to venture capital firms are listed on the filing, from the likes of Kleiner Perkins Caufield & Byers, New Enterprise Associates, Angel Medical Systems, Cutlass Capital and Domain Associates.
But the most interesting name belongs to the man who runs Johnson & Johnson’s (NYSE:JNJ) in-house investment shop: vice president Brad Vale. Vale will sit on the NeuroPace board, according to the Securities & Exchange Commission filing, joining KPC&B partner Joe Lacob (yes, that Joe Lacob), NEA’s Chuck Newhall, David Fischell of Angel Medical, Eunoe Inc. CEO Ray Larkin (a Cutlass Capital advisor), Domain general partner James Blair and NeuroPace CFO Benjamin Pless.
NeuroPace raised $30 million in 2005 from backers including Domain, InterWest, KPC&B, MedVenture, NEA and Technology Partners, according to PEHub.com. In 2010 the company filed for pre-market approval from the FDA for the RNS system, designed to decrease or eliminate epilepsy episodes through the use of an implant which monitors the patient’s brain and delivers electric signals to prevent seizures by disrupting any abnormal activity. A clinical trial leading up to the PMA application was faring well as far back as September 2009.