Lausanne, Switzerland-based Aleva Neurotherapeutics has announced the closing of Series A financing round totaling €9.5 million ($13.8 million). The round was co-led by BioMedInvest AG and BB BIOTECH VENTURES III; Initiative Capital Romandie and private investors also participated in the financing.
The proceeds will be used to support the development of Aleva's product pipeline for neurostimulation, which is based on the its proprietary microDBS technology. MicroDBS is a next-generation technology addressing deep brain stimulation (DBS) therapy used to treat conditions such as Parkinson's disease and depression, according to a company statement. The technology also allows for precise, target-specific brain stimulation that significantly reduces the side effects and potential complications as well as the costs of DBS therapy. Its features allow for the expansion of the existing DBS market to new indications that aren't currently addressed, the company says on its website.
"Since its inception in 2008, Aleva has demonstrated that it is a product-driven company with a sound business strategy. The first product, which is supported by an attractive follow-on pipeline, is already approaching clinical trials," says Juerg Eckhardt, investment advisor to BB BIOTECH VENTURES. "Its leading-edge technology has the potential to add substantial benefits to existing DBS platforms and to expand this therapy to additional indications. We therefore are convinced that the company and its products will be met with great interest by physicians, patients and potential corporate partners."
- get the Aleva release