|The NeuroStar TMS Therapy device--courtesy of Neuronetics|
Neuronetics is eyeing European markets for its magnetic brain stimulation device, designed to treat depression without the use of drugs. The company's NeuroStar TMS Therapy got its CE mark this week, following its FDA approval back in 2008.
NeuroStar is a non-invasive treatment option for adults with drug-resistant major depression, using MRI-strength neurostimulation on the mood-controlling cerebral cortex. The company is touting recent trial results in which half of the patients tested reported a 50% reduction in symptoms, and one-third reported remission.
Depression affects 121 million adults around the globe, according to the World Health Organization, and Neuronetics believes its device provides a respite for patients who either don't respond to available drugs or don't want to deal with their side effects.
And the company is hardly alone in that thinking. In May, Neuronetics closed a $30 million financing round, led by Pfizer ($PFE) and Polaris Venture Partners. That money will fund the coming expansion of NeuroStar, MedCity News reports. Neuronetics is soon to launch commercial partnerships in Europe, and the company is also in the process of getting licensing deals in Asia and the Middle East, according to MedCity News.
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