New Leaf Venture Partners Leads $30 Million Financing in Neuronetics
NEW YORK--(Business Wire)--
New Leaf Venture Partners (NLV Partners) announced today it has led a $30
million Series D financing round in Neuronetics, Inc., maker of NeuroStar TMS
(Transcranial Magnetic Stimulation) Therapy® for the treatment of depression.
NLV Partners was joined by existing investors, including Investor Growth
Capital, Quaker BioVentures, Three Arch Partners, Onset Ventures, Interwest
Partners and KBL Healthcare Ventures. As part of the financing round, Liam
Ratcliffe, M.D., Ph.D., Venture Partner at NLV, will join Neuronetics` Board of
Directors.
"Depression is a debilitating disease that continues to have a major impact on
many millions of patients and their families, despite currently available
therapies," commented Dr. Ratcliffe. "NeuroStar TMS Therapy, which Neuronetics
successfully shepherded through FDA clearance and U.S. commercial launch, offers
to patients a truly distinct, non-invasive treatment option. Further, NeuroStar
TMS Therapy is supported by an extensive body of research and a rigorous
clinical program that compares very favorably to the top-tier studies with which
I am familiar from my background as head of Pfizer`s Neuroscience Drug
Development. I am delighted to be working with the Neuronetics management team
and board in this exciting post-launch phase and on the further development of
the technology."
"We are proud to announce the closing of this financing round led by new
investor NLV Partners, a highly experienced and respected life sciences venture
capital firm," said Bruce J. Shook, President and CEO of Neuronetics, Inc. "In
addition to allowing us to expand our sales and customer support teams for
NeuroStar TMS Therapy, the proceeds of the financing will help further our
development of next-generation neuromodulation technologies for the treatment of
psychiatric and neurologic disorders."
About Neuronetics
Neuronetics, Inc. is a privately-held medical device company focused on
developing non-invasive therapies for psychiatric and neurological disorders
using MRI-strength magnetic field pulses. Based in Malvern, PA, Neuronetics is
the leader in the development of TMS Therapy, a non-invasive form of
neuromodulation. For more information, please visit www.neuronetics.com and
www.neurostartms.com.
About NeuroStar TMS Therapy
NeuroStar TMS Therapy was cleared by the FDA in October 2008 for patients who
have not adequately benefitted from prior antidepressant medication.* NeuroStar
TMS Therapy is a nonsystemic (does not circulate in the bloodstream throughout
the body) and non-invasive (does not involve surgery) form of neuromodulation.
It stimulates nerve cells in an area of the brain that is linked to depression,
by delivering highly focused MRI-strength magnetic field pulses. The treatment
is typically administered daily for 4-6 weeks. In an open-label clinical trial,
which is most like real world clinical practice, approximately 1 in 2 patients
experienced significant improvement in symptoms, and 1 in 3 experienced complete
symptom resolution. There were no systemic side effects, such as weight gain and
sexual dysfunction. The most common adverse events related to treatment were
scalp pain or discomfort at the treatment area during 3 active TMS treatments.
NeuroStar TMS Therapy is contraindicated in patients with metallic implants in
or around the head. NeuroStar TMS Therapy may not be effective for all patients
with depression and is available by prescription from a psychiatrist.
* NeuroStar TMS Therapy is indicated for the treatment of Major Depressive
Disorder in adult patients who have failed to achieve satisfactory improvement
from one prior antidepressant medication at or above the minimal effective dose
and duration in the current episode.
About NLV Partners
NLV Partners is a life science-dedicated venture capital firm with offices in
Menlo Park and New York. Founded by an experienced team of venture capitalists
with deep healthcare industry experience, NLV Partners invests primarily in
companies focused on clinical-stage biopharmaceutical products, early-stage
medical devices and molecular diagnostics. NLV Partners manages over $1.3
billion of assets, including NLV-I, NLV-II and the healthcare technology
portfolio of Sprout Group. For further information, visit the NLV Partners
website at www.nlvpartners.com.