Newronika said yesterday that it raised more than $9 million in Series A funding for its closed-loop deep brain stimulation system.
The funding totals nearly $9.2 million (€8.4 million) for the spin-off from Milan’s Policlinico and University of Milan research centers. French venture capital fund Omnes led the round, joined by existing investors Innogest Capital and Indaco Venture Partners SGR. F3F and an undisclosed family office also participated, according to a news release.
Newronika’s closed-loop DBS system is designed to restore brain and body function by translating the company’s knowledge of bio-signal decoding into clinical practice. The company said its technology will be initially applied to Parkinson’s disease patients, with other indications slated to be pursued down the road.
The proceeds are earmarked for a first-in-human clinical study ahead of a bid for CE Mark approval and an investigative device exemption from the FDA.
“Newronika is the first company to develop a closed-loop system for the treatment of Parkinson’s disease. Newronika’s technology is at the forefront of deep brain stimulation,” CEO Lorenzo Rossi said in prepared remarks. “Our solution is most needed and awaited by the medical community since the invention of the first DBS system by Medtronic (NYSE:MDT), more than 20 years ago. Our technology can record the electrical activity of the deep brain nuclei and adapt the stimulation in real-time. This is a game-changer for the neurological field, opening many potential applications. We want to build a platform of indications where our technology could be used, from Parkinson’s disease to traumatic brain injury and beyond.”
“This round puts Newronika straight into the global competition for DBS technology and turns our company into a player to be reckoned with,” added CFO Alain Garcinuño. “We are delighted to have secured the necessary funding to reach a clear value inflection point in the coming months.”