Cadence Neuroscience reportedly raised $15 million in a Series A funding round earlier this month for the development of a neurostimulation device to treat epilepsy.
The round was led by Jazz Venture Partners, while the Mayo Clinic also offered support and Cadence won grants from Epilepsy Foundation, according to a GeekWire report.
Cadence is reportedly in the early stages of development for an implantable device designed to treat epilepsy by helping to control seizures. According to GeekWire, LivaNova (NSDQ:LIVN), Medtronic (NYSE:MDT) and NeuroPace currently have FDA-approved devices for controlling seizures.
Redmond, Wash.-based Cadence has licensed work from the Mayo Clinic for the device and is working to make it the fourth such system to win FDA approval.
“It’s fair to say that we’re kind of chipping away at it,” Cadence CEO Kent Leyde told GeekWire. “None of these [devices] have really solved the problem. … Usually what you have to do is go work really hard and develop a system and get into the clinic and see how things work,” Leyde said. “With this program, we actually have significant clinical data that’s already been generated by the Mayo Clinic. We’re already very optimistic about the potential for clinical impact based on the early results we’ve been getting.”