Epineuron Technologies Inc, a bioelectronic medicine company, announced the completion of a financing round to support production development and clinical validation for its neuroregenerative technology - designated a breakthrough device by the Food and Drug Administration (FDA).
After a severe nerve injury, daily tasks like getting dressed, drinking a cup of coffee, or opening a door can be nearly impossible to perform. Without any medications or devices available today, the standard of care for these injuries is limited to conventional surgical repair techniques that regularly leave patients with permanent nerve damage. For further information see the IDTechEx report on Bioelectronic Medicine 2019-2029.
Epineuron's therapy utilizes brief electrical stimulation of injured nerves to upregulate regeneration associated genes and accelerate the creation of the building blocks that form new regenerating nerves. The company's wearable technology was designated a breakthrough device by the FDA in recognition of the impact it may have on the recovery of patients suffering from peripheral nerve injuries and the shift this device will bring about in the therapeutic industry.
"This is a pivotal moment in the company's trajectory to realizing its vision of providing patients with a therapeutic option after nerve surgery for the very first time, leading to enhanced functional outcomes and ushering in a new era in nerve repair," said Mike Willand, PhD, CTO of Epineuron.
The financing round was led by several prominent medical technology investors including support from the Ontario Centers for Excellence and the Ontario Brain Institute.
"Epineuron has made remarkable progress since the time OBI made early investments into the company through its ONtrepreneurs and NERD (Neurotech Early Research & Development) programs," said Tom Mikkelsen, President & Scientific Director of OBI. "We believe Epineuron's technology to repair an injured nerve has immense potential. This technology will offer relief to people with physical disabilities by allowing them to function better and help resume everyday life."
"I am proud of the tremendous progress Epineuron has been making in its efforts to provide patients with new and innovative treatments for those suffering from severe nerve injury," said Ross Romano, Minister of Colleges and Universities. "With this new round of funding led by the Ontario Brain Institute, Epineuron is one step closer to delivering on its goal of developing the world's first nerve regenerating commercial bioelectronic medicine. The work done by Epineuron is just one example of why Ontario remains a world leader in research and development."
In connection with the financing, Ing Goping, formerly CEO of Laborie Medical and Frank Baylis, Executive Chairman of Baylis Medical have joined the Board of Directors of Epineuron.
Source: Epineuron Technologies Inc
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