|NeuroPace raised $18 million to support its RNS device.--Courtesy of NeuroPace|
California's NeuroPace raised $18 million of a sought-after $50 million in its latest funding round, cash that should help speed along the path to market for its anti-epilepsy neurostimulation device.
NeuroPace is in the midst of an FDA application for RNS, a device implanted subcutaneously on the skull, sensing changes in brain activity that indicate oncoming seizures and delivering pulses of electrical stimulation to suppress symptoms before they can affect patients.
In its latest SEC filing, NeuroPace didn't reveal who pitched in to the $18 million raise, but its past investors include New Enterprise Associates, InterWest Partners and Johnson & Johnson ($JNJ). The company has raised about $180 million total since its foundation in 1997, the Silicon Valley Business Journal notes.
Now, with cash on hand and a clear road to the U.S. market, NeuroPace is that much closer to launching RNS and reaping the benefits of its years of development.
In February, NeuroPace won a unanimous vote from the FDA's neurological devices panel, turning in study data on 191 patients in which the device lowered rates of seizure by 37.9%. The panel recommended full approval for the device, suggesting NeuroPace conduct two post-market studies on RNS to better identify the patient populations that would benefit from the device.