Seattle, WA-based NeuroVista has closed an equity financing round with total proceeds of $16.5 million. The financing was led by GBS Venture Partners, joined by existing investors Advanced Technology Ventures, Delphi Ventures and Foundation Medical Partners. Additionally, NeuroVista says it has inked $5 million convertible debt agreement with neuromodulation company Cyberonics.
NeuroVista is developing a seizure advisory system, an implantable device that senses irregularities in the brain electrical waves that precede a seizure. Early warning allows patients to take medicine and find a safe place to lie down. Although some epilepsy sufferers can feel seizures coming, many cannot. The financing will support the ongoing clinical trials of the technology.
"The NeuroVista Seizure Advisory System is a groundbreaking new platform for empowering people with epilepsy," says Dr. Steve Gourlay of GBS, a new member of NeuroVista's board of directors. "We believe that NeuroVista technology will revolutionize the management and treatment of epilepsy by resolving the uncertainty of when seizures are going to strike, improving patients' quality of life, and enabling new models for the use of drug therapy."
- check out NeuroVista's release on the financing
- here's more on the debt financing
- read the Xconomy article