DUBLIN & DURHAM, N.C.--(BUSINESS WIRE)--NeuroTronik Limited and NeuroTronik, Inc. today announced closing on a $23.1 million Series B Preferred Stock Financing, tranched in line with project plan milestones. The funding was led by Boston Scientific Group, plc. Other major investors include Hatteras Venture Partners, Synergy Life Science Partners, Lord Baltimore Investment Partners, Mountain Group Capital, and Sovereign’s Capital. The investor group also includes other financial and industry participants.
NeuroTronik is in development and investigational clinical use of a novel medical technology approach to help physicians treat heart failure patients who come to the hospital because of their worsened symptoms. Acute Heart Failure (AHF) is the leading cause of older-adult hospitalizations in developed healthcare markets around the world. AHF is a difficult clinical and large economic challenge. NeuroTronik seeks to enhance clinical outcomes for patients, improve patient management for physicians, shorten hospital stays, and reduce the rate at which patients must return to the hospital within a few weeks of discharge.
“Physicians need better therapy tools to treat Acute Heart Failure in the hospital. With the achievement of our Series A milestones and through subsequent work, our team has demonstrated that NeuroTronik CANS Therapy™ holds considerable promise to be a unique and valuable tool for physicians for use in this clinical setting,” said Fred McCoy, CEO and Director, NeuroTronik Limited.
NeuroTronik CANS Therapy™ is cardiac autonomic nerve stimulation delivered via a NeuroCatheter™, placed temporarily in a vein just above the heart, in combination with a NeuroModulator™, positioned bedside. The result of stimulation is enhanced cardiac output free of elevated heart rate.
“Our team has made substantial progress in the development of NeuroTronik CANS Therapy™,” said Steve Masson, CTO and Senior Vice President of Research and Development, NeuroTronik, Inc. “The results from our clinical work thus far are highly-encouraging as to safety, efficacy, and ease-of-use. We are now prepared for our next steps in clinical investigation.”
The Series B Preferred Stock Financing is designed to resource the Company through to CE Mark approval of the NeuroTronik CANS Therapy™ System.
NeuroTronik was founded in July 2012 to pursue a novel neurostimulation therapy for the enhancement of heart function in the hospital or clinic. The therapy approach was conceived through work at Synecor LLC and Interventional Autonomics Corporation. The Company achieved its Series A Preferred Stock Financing in May 2013, led by Hatteras Venture Partners. NeuroTronik leadership and development functions are focused primarily in Ireland and the United States. Early development has been performed by a team located in Durham, North Carolina at NeuroTronik, Inc., the United States subsidiary of NeuroTronik Limited.