NeoSync closed a $13 million series D round, which will bankroll a trial of its magnetic stimulation technology in treatment-resistant depression, as well as ramp up its preparation for commercial launch.
"This latest round of funding will allow us to execute remaining activities needed to gain regulatory clearance for our novel device," said CEO Kate Rumrill, in a statement. "We believe, once commercially available, our device will open up broader access to TMS, in a more convenient environment for patients."
A patient wears the NeoSync-EEG Synchronized TMS (NEST) device on his or her head for 30 minutes a day, five days a week. It delivers noninvasive, low-energy, alternating magnetic stimulation to “gently adjust a depressed brain toward a more normal state,” the company said.
Major depression is one of the most common mental health disorders in the U.S., affecting 16 million adults in 2015. It is usually treated with a combination of antidepressant drugs and psychotherapy, but these may not work for some patients. Those patients may be candidates for brain stimulation therapy, which includes electroconvulsive therapy (ECT), vagus nerve stimulation and repetitive transcranial magnetic stimulation (TMS), according to the National Institute of Mental Health.
TMS is typically used when patients do not respond to ECT, and vagus nerve stimulation is only tried if the other stimulation treatments don’t improve symptoms, Mayo Clinic said.
"With its unique and innovative NEST technology, NeoSync is well positioned to change the way TMS treatment is perceived and delivered," said Jan Pensaert, founder and CEO of Valiance. "A home-use device is a very compelling proposition for patients suffering from depression and we are delighted to support NeoSync's management team in their efforts to make their device a clinical and commercial success."