Sapiens raises € 13m in a Series A financing to fund the development of a novel deep brain stimulation system

Sapiens Steering Brain Stimulation GmbH / Sapiens raises € 13m in a Series A financing to fund the development of a novel deep brain stimulation system . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

Eindhoven, the Netherlands, Munich, Germany, June 1st, 2011 - Sapiens Steering Brain Stimulation GmbH ('Sapiens'), a spin off from Philips Research, announces today that it has raised €13 million in a Series A round co-led by Wellington Partners (WP) and Edmond de Rothschild Investment Partners (EdRIP) with additional financing from Life Sciences Partners (LSP). Philips and NeuroNexus Technologies Inc become minority shareholders in Sapiens as a result of their contribution to the development of the Sapiens' system and underlying technologies. The funds will be used to further develop Sapiens' innovative brain stimulation system and software, its first in-man validation and regulatory approval in Europe.

Deep brain stimulation (DBS) is applied for the treatment of essential tremor, late-stage Parkinson's disease, dystonia and obsessive compulsive disorders and more recently for the treatment of epilepsy. It may have further potential to expand to other neurologic or psychiatric indications. DBS is a treatment that relies on the delivery of mild electrical pulses to specific areas in the brain via implanted probes that are connected to a battery-powered implantable pulse generator.

Sapiens is developing a unique, high-resolution, and MRI-compatible DBS system comprising implants with navigation and steering software. Sapiens' implantable probe with superior current steering capacity will enable precise, targeted stimulation of small brain structures. The software will allow faster and safer implantation and programming of the system and may accordingly reduce time, resources and costs for the complex DBS procedure.

The three founders, Michel Decré, Hubert Martens and Sjaak Deckers have initiated, contributed and led the work on Deep Brain Stimulation within Philips Research from 2006 to today. Sjaak Deckers, founder and CEO at Sapiens commented on the closing: "this first financing round is a real testimony to the potential of our technology and reflects the great achievements of the Sapiens team thus far".

In line with the new financing, five new members have joined the Sapiens' Board of Directors: Hans Barella, former CEO, Philips Medical Systems, as Chairman of the Sapiens Board, Todd Whitehurst, MD, former VP Emerging Indications, Boston Scientific Neuromodulation, Regina Hodits, general partner at WP, Olivier Litzka, partner at EdRIP, and Anne Portwich, partner at LSP. Lukas Guenther (WP) and Geoffroy de Ribains (EDRIP) will join as observers.

Hans Barella, member of the board of directors Elekta AB, Sweden, Chairman of the supervisory board of SupersonicImagine SA, France and the new chairman of the Sapiens Board of Directors, said: "I am looking forward to working with such an entrepreneurial team as well as with this group of reputable investors on this exciting technology that has the potential to improve brain stimulation therapy for patients with Parkinson's Disease as well as other neurological and psychiatric indications."

Todd Whitehurst, MD, VP Product Development, Sensors for Medicine and Science, Inc (SMSI), a California-based implantable sensor company, comments: "The Sapiens system is a dramatic leap forward in neuromodulation technology. With the Sapiens system, patients will receive optimal therapy with fewer side effects. The expected reductions in surgery duration and programming time represent a significant improvement for neurosurgeons and neurologists as well as patients."

Regina Hodits, from Wellington Partners: "Sapiens' integrated approach of steering neuro modulation not only offers significant advantages to patients, physicians and payors, but the advanced stage of the technology, based upon significant developments within Philips Research, also makes it an attractive investment opportunity. We are very much looking forward to working with the Sapiens' team on making Sapiens a success. "

Olivier Litzka, from Edmond de Rothschild Investment Partners: "Sapiens' complete solution has the potential to significantly expand the use of DBS by simplifying the surgical procedure and by greatly improving efficacy and safety. We are excited to back the development of this ambitious project and this great team."

Sapiens Steering Brain Stimulation GmbH / Sapiens raises € 13m in a Series A financing to fund the development of a novel deep brain stimulation system . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

Eindhoven, the Netherlands, Munich, Germany, June 1st, 2011 - Sapiens Steering Brain Stimulation GmbH ('Sapiens'), a spin off from Philips Research, announces today that it has raised €13 million in a Series A round co-led by Wellington Partners (WP) and Edmond de Rothschild Investment Partners (EdRIP) with additional financing from Life Sciences Partners (LSP). Philips and NeuroNexus Technologies Inc become minority shareholders in Sapiens as a result of their contribution to the development of the Sapiens' system and underlying technologies. The funds will be used to further develop Sapiens' innovative brain stimulation system and software, its first in-man validation and regulatory approval in Europe.

Deep brain stimulation (DBS) is applied for the treatment of essential tremor, late-stage Parkinson's disease, dystonia and obsessive compulsive disorders and more recently for the treatment of epilepsy. It may have further potential to expand to other neurologic or psychiatric indications. DBS is a treatment that relies on the delivery of mild electrical pulses to specific areas in the brain via implanted probes that are connected to a battery-powered implantable pulse generator.

Sapiens is developing a unique, high-resolution, and MRI-compatible DBS system comprising implants with navigation and steering software. Sapiens' implantable probe with superior current steering capacity will enable precise, targeted stimulation of small brain structures. The software will allow faster and safer implantation and programming of the system and may accordingly reduce time, resources and costs for the complex DBS procedure.

The three founders, Michel Decré, Hubert Martens and Sjaak Deckers have initiated, contributed and led the work on Deep Brain Stimulation within Philips Research from 2006 to today. Sjaak Deckers, founder and CEO at Sapiens commented on the closing: "this first financing round is a real testimony to the potential of our technology and reflects the great achievements of the Sapiens team thus far".

In line with the new financing, five new members have joined the Sapiens' Board of Directors: Hans Barella, former CEO, Philips Medical Systems, as Chairman of the Sapiens Board, Todd Whitehurst, MD, former VP Emerging Indications, Boston Scientific Neuromodulation, Regina Hodits, general partner at WP, Olivier Litzka, partner at EdRIP, and Anne Portwich, partner at LSP. Lukas Guenther (WP) and Geoffroy de Ribains (EDRIP) will join as observers.

Hans Barella, member of the board of directors Elekta AB, Sweden, Chairman of the supervisory board of SupersonicImagine SA, France and the new chairman of the Sapiens Board of Directors, said: "I am looking forward to working with such an entrepreneurial team as well as with this group of reputable investors on this exciting technology that has the potential to improve brain stimulation therapy for patients with Parkinson's Disease as well as other neurological and psychiatric indications."

Todd Whitehurst, MD, VP Product Development, Sensors for Medicine and Science, Inc (SMSI), a California-based implantable sensor company, comments: "The Sapiens system is a dramatic leap forward in neuromodulation technology. With the Sapiens system, patients will receive optimal therapy with fewer side effects. The expected reductions in surgery duration and programming time represent a significant improvement for neurosurgeons and neurologists as well as patients."

Regina Hodits, from Wellington Partners: "Sapiens' integrated approach of steering neuro modulation not only offers significant advantages to patients, physicians and payors, but the advanced stage of the technology, based upon significant developments within Philips Research, also makes it an attractive investment opportunity. We are very much looking forward to working with the Sapiens' team on making Sapiens a success. "

Olivier Litzka, from Edmond de Rothschild Investment Partners: "Sapiens' complete solution has the potential to significantly expand the use of DBS by simplifying the surgical procedure and by greatly improving efficacy and safety. We are excited to back the development of this ambitious project and this great team."

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