Milan, January 22, 2024 – Newronika S.P.A – a pioneering Milan-based leader in adaptive deep brain stimulation and brain device interface technology – has achieved a major milestone in its mission to enhance the lives of Parkinson’s disease patients. Following the signing in March 2023 of a €2.5 million grant agreement with the European Innovation Council (EIC) Accelerator’s “Grant first” program, Newronika has successfully attracted an additional €2.0 million in equity financing from EIC Accelerator’s equity program.
Newronika is a spin-off company from Fondazione IRCCS Ca’ Granda Ospedale Maggiore Policlinico of Milan and the University of Milan based on groundbreaking research by Professor Dr. Alberto Priori and his research team. The company is backed by prominent venture capital funds with extensive experience in the healthcare sector, including Innogest SGR, Indaco Venture Partners, Omnes Capital, F3F, Wille Finance, and TNBT Capital. The company has retained a world-class scientific advisory committee and an experienced management team.
Newronika’s selection for funding, amidst fierce competition from over 1,000 innovative startups and SMEs, highlights the company’s potential to revolutionize clinical therapy for Parkinson’s Disease and other neurological conditions. The European Innovation Council (EIC) Accelerator’s evaluation committee recognized Newronika’s product as a significant advancement in Parkinson’s disease therapy.
The evaluation committee assessed the proposal and highlighted this about Newronika’s product: “It could represent a significant advance in clinical therapy for Parkinson’s Disease and potentially other neurological conditions.”
These funds will be used to fund a multicenter pivotal clinical trial, comparing adaptive deep brain stimulation to conventional deep brain stimulation for Parkinson’s disease patients. The trial, set to commence later this year, will engage experienced Parkinson’s disease centers in several countries. Furthermore, the funding will facilitate product development and scale up activities, ensuring the readiness of the Newronika AlphaDBS system for the European market. This will be the most important European trial for this therapy in Parkinson’s patients since the beginning of this therapy in the 1990’s.
“Adaptive DBS is maybe the most relevant innovation in the field of the treatment of Parkinson’s disease and the funding received by the EIC clearly witnesses the relevance of this novel technology for patients and their caregivers for a better and more individualized patient’s treatment” said Alberto Priori, full professor of neurology and head of the “Aldo Ravelli” Research Center for Neurotechnology and Experimental Brain Therapeutics at the University of Milan.
According to the World Health Organization, Parkinson’s disease presents a growing global challenge, resulting in increasing disability and death rates among neurological disorders. With over 8.5 million individuals affected worldwide, Parkinson’s disease accounted for 5.8 million DALY (disability-adjusted life years) in 2019.
While conventional Deep Brain Stimulation is approved for Parkinson’s Disease patients, Newronika’s adaptive DBS system, the AlphaDBS system, offers a unique advantage. Designed to automatically adjust therapy throughout the day based on individual patient needs, this technology provides patients and clinicians with enhanced options for managing deep brain stimulation therapy.
Lothar Krinke, Ph.D., CEO of Newronika, expressed his enthusiasm, stating: “This commitment validates Newronika’s strategy to improve the lives of Patient’s with Parkinson’s disease by bringing to market the world’s most advanced deep brain stimulation system that uses proprietary technology to automatically adjust therapy to patient’s needs throughout the day. Our platform technology can be applied to many other central nervous system disorders.”
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About the EIC Accelerator
The EIC Accelerator supports individual Small and Medium Enterprises (SMEs), in particular startups and spinout companies, to develop and scaleup game-changing innovations. In some cases, small mid-caps (up to 500 employees) are supported. In addition, EIC selected companies receive coaching, mentoring, access to investors and corporations, and many other opportunities as part of the EIC community. The EIC Accelerator provides substantial financial support with grant funding (non-dilutive) of up to €2.5 million ($2.65M) for innovation development costs and investments (direct equity investments) of up to €15 million ($16M), managed by the EIC Fund, for scale up and other relevant costs. Companies working on technologies of strategic European interest can apply for EIC investments of more than €15 million ($16M). www.eic.ec.europa.eu
About Neuronika S.P.A.
Newronika S.P.A is a venture-funded, Milan-based spinoff company from Fondazione IRCCS Ca’ Granda Ospedale Maggiore Policlinico of Milan and the University of Milan. The company has developed a CE-marked deep brain stimulation system and is pioneering proprietary technology in adaptive deep brain stimulation. Newronika has licensed in some patented technologies and is assignee of several granted patents. The company has also published initial clinical data in adaptive DBS and is currently completing feasibility trials at several leading DBS centers. www.newronika.com
