Newronika announced today that it closed a €13.6 million ($14.1 million) Series B round to support its deep brain stimulation (DBS) system.
New investor Fondazione ENEA Tech e Biomedical led the financing round. Existing investors Indaco Venture Partners SGR, Innogest SGR, Wille Finance, TNBT Capital and F3F participated, too. The Series B adds to a $9 million Series A round raised more than five years ago.
Milan, Italy-based Newronika plans to use funds to expand the clinical validation and commercialization of its proprietary adaptive DBS system. The company designed its adaptive DBS solution to ensure continuously optimized therapy through a patient-tailored approach. It says it could potentially greatly improve outcomes and reduce side effects compared with traditional DBS systems.
The system could aid patients with movement disorders, including Parkinson’s disease.
Last week, Newronika announced that it received FDA investigational device exemption (IDE) to conduct a trial for the system. It expects the trial to take place at leading U.S. and international clinical centers. It will compare the performance of adaptive DBS against conventional DBS in patients with advanced Parkinson’s disease.
Other uses for the funds include facilitating the advancement of product pipelines, talent recruitment and strategic collaborations.
“This Series B round validates our commitment to transform the way deep brain stimulation is delivered. We aim to seamlessly integrate real-time neural data and machine learning into our DBS systems to create truly personalized therapies that surpass the capabilities of existing devices on the market,” said Dr. Lorenzo Rossi, Newronika co-founder and CEO.
