Tuesday, 21 January 2014
Dublin, Ireland and Chapel Hill, North Carolina June 13, 2013 NeuroTronik Limited and NeuroTronik, Inc. today announced closing on a $13.1 million Series A Preferred Stock Financing. The funding is led by Hatteras Venture Partners of Durham, NC. Other major investors include Synergy Life Science Partners, Mountain Group Capital, and Lord Baltimore Capital. The investor group also includes other financial and industry participants. Now joining the NeuroTronik Board of Directors are Douglas Reed, M.D., Hatteras Venture Partners, and Mudit K. Jain, Ph.D., Synergy Life Science Partners.
The NeuroTronik Neuromodulation System, in development, is a novel medical technology approach to help physicians treat heart failure patients who come to the hospital because of their worsened symptoms. Acute Heart Failure Syndrome (AHFS) is a leading reason for older-adult hospitalizations in every developed healthcare market around the world. AHFS represents a difficult clinical and economic challenge for patients, physicians, hospitals, and payers.
The NeuroTronik therapy approach seeks to enhance clinical outcomes for patients, improve patient management for physicians, shorten patient stays for hospitals, and reduce the rate at which patients must return to the hospital after only a few weeks.
Significant early work with the NeuroTronik therapy approach leads us to believe that the potential is extraordinary, said Fred McCoy, CEO and Director, NeuroTronik. We are pleased to have such an exceptional investor group with us in the project.
The meaningful potential for NeuroTronik to positively impact health and economic outcomes, initially in the large and growing heart failure market, convinces us of the merits of the investment, said Doug Reed, general partner, Hatteras Venture Partners. We have developed faith in this technology and this management team. The Investors now look forward to participating in NeuroTronik development and growth.
NeuroTronik development and commercial operations are to be focused primarily in Ireland and the United States. Early development will be performed by a team located in the Research Triangle in North Carolina.
Founded in July 2012, among the Synecor LLC family of companies, NeuroTronik is a medical technology company group focused on the select stimulation of target nerves to deliver exceptional patient outcomes and positive healthcare economics. The NeuroTronik approach is targeted initially at Acute Heart Failure Syndrome, a leading reason for older-adult hospitalizations.