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New Leaf Venture Partners Leads $30
Million Financing in Neuronetics
NEW YORK--(BUSINESS WIRE)-- New Leaf Venture Partners (NLV
Partners) announced today it has led a $30 million Series D
financing round in Neuronetics, Inc., maker of NeuroStar TMS (Transcranial
Magnetic Stimulation) Therapy® for the treatment of depression.
NLV Partners was joined by existing investors, including
Investor Growth Capital, Quaker BioVentures, Three Arch
Partners, Onset Ventures, Interwest Partners and KBL Healthcare
Ventures. As part of the financing round, Liam Ratcliffe, M.D.,
Ph.D., Venture Partner at NLV, will join Neuronetics’ Board of
Directors.
“Depression is a debilitating disease that continues to have a
major impact on many millions of patients and their families,
despite currently available therapies,” commented Dr. Ratcliffe.
“NeuroStar TMS Therapy, which Neuronetics successfully
shepherded through FDA clearance and U.S. commercial launch,
offers to patients a truly distinct, non-invasive treatment
option. Further, NeuroStar TMS Therapy is supported by an
extensive body of research and a rigorous clinical program that
compares very favorably to the top-tier studies with which I am
familiar from my background as head of Pfizer’s Neuroscience
Drug Development. I am delighted to be working with the
Neuronetics management team and board in this exciting
post-launch phase and on the further development of the
technology.”
“We are proud to announce the closing of this financing round
led by new investor NLV Partners, a highly experienced and
respected life sciences venture capital firm,” said Bruce J.
Shook, President and CEO of Neuronetics, Inc. “In addition to
allowing us to expand our sales and customer support teams for
NeuroStar TMS Therapy, the proceeds of the financing will help
further our development of next-generation neuromodulation
technologies for the treatment of psychiatric and neurologic
disorders.”
About Neuronetics
Neuronetics, Inc. is a privately-held medical device company
focused on developing non-invasive therapies for psychiatric and
neurological disorders using MRI-strength magnetic field pulses.
Based in Malvern, PA, Neuronetics is the leader in the
development of TMS Therapy, a non-invasive form of
neuromodulation. For more information, please visit
www.neuronetics.com and
www.neurostartms.com.
About NeuroStar TMS Therapy
NeuroStar TMS Therapy was cleared by the FDA in October 2008 for
patients who have not adequately benefitted from prior
antidepressant medication.* NeuroStar TMS Therapy is a
nonsystemic (does not circulate in the bloodstream throughout
the body) and non-invasive (does not involve surgery) form of
neuromodulation. It stimulates nerve cells in an area of the
brain that is linked to depression, by delivering highly focused
MRI-strength magnetic field pulses. The treatment is typically
administered daily for 4-6 weeks. In an open-label clinical
trial, which is most like real world clinical practice,
approximately 1 in 2 patients experienced significant
improvement in symptoms, and 1 in 3 experienced complete symptom
resolution. There were no systemic side effects, such as weight
gain and sexual dysfunction. The most common adverse events
related to treatment were scalp pain or discomfort at the
treatment area during 3 active TMS treatments. NeuroStar TMS
Therapy is contraindicated in patients with metallic implants in
or around the head. NeuroStar TMS Therapy may not be effective
for all patients with depression and is available by
prescription from a psychiatrist.
* NeuroStar TMS Therapy® is indicated for the treatment of Major
Depressive Disorder in adult patients who have failed to achieve
satisfactory improvement from one prior antidepressant
medication at or above the minimal effective dose and duration
in the current episode.
About NLV Partners
NLV Partners is a life science-dedicated venture capital firm
with offices in Menlo Park and New York. Founded by an
experienced team of venture capitalists with deep healthcare
industry experience, NLV Partners invests primarily in companies
focused on clinical-stage biopharmaceutical products,
early-stage medical devices and molecular diagnostics. NLV
Partners manages over $1.3 billion of assets, including NLV-I,
NLV-II and the healthcare technology portfolio of Sprout Group.
For further information, visit the NLV Partners website at
www.nlvpartners.com.
Contacts
Burns McClellan on behalf of NLV Partners
Justin Jackson, 212-213-0006
jjackson @burnsmc.com
Source
New Leaf Venture Partners
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