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.
Contact:
Burns McClellan on behalf of NLV Partners Justin Jackson, 212-213-0006 jjackson@burnsmc.com
