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Medical device provides a bioelectronic therapy to jump start peripheral nerve regeneration and has been designated a Breakthrough Device by the FDA
Toronto, May 28, 2020 (GLOBE NEWSWIRE) — 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 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.
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 (OCE) and the Ontario Brain Institute (OBI).
“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.
“Epineuron is building on in-depth clinical research and has achieved significant progress in product development efforts,” said Baylis. “This funding will allow Epineuron to grow their team and continue with product development and clinical validation.”
As former President of Baylis Medical, Mr. Baylis grew the company into an international developer of medical devices and won the Ernst and Young Entrepreneur of the Year award in 2011. Mr. Goping’s three decades of strategic leadership and management as former CEO and CSO of Laborie Medical Technologies, will offer guidance and help steer Epineuron closer to its vision.
“We believe this is just the starting point of how we harness the body’s natural regenerative capacity to treat these injuries. With our newly appointed Board members and growing interest from leading hospitals, I am confident in our ability to shape the future of nerve repair and provide patients with superior and clinically meaningful benefits. Ultimately, that is why we are doing this.” said Sergio Aguirre, CEO of Epineuron.
For more information visit – http://www.epineurontech.com/
About Epineuron Technologies:
Epineuron is a bioelectronic medicine company bringing a new standard of care for peripheral nerve repair and regeneration. The company is developing a suite of surgical solutions for repairing and treating peripheral nerve injuries with the mission of becoming the world leader in bioelectronic nerve care, starting with its neuroregenerative therapy. Epineuron’s lead product will be the world’s first commercial bioelectronic medicine used to accelerate regeneration of injured nerves and has been designated as a Breakthrough Device by the FDA.
About the Ontario Brain Institute:
The Ontario Brain Institute is a not-for-profit organization that accelerates discovery and innovation, benefiting both patients and the economy. Our collaborative ‘team science’ approach promotes brain research, commercialization and care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders. Welcome to Brain Central. Visit www.braininstitute.ca for more information. Follow us on Twitter (@OntarioBrain). Funding provided, in part by, the Government of Ontario.
OBI currently has 77 neurotech companies in its growing portfolio through ONtrepreneurs Program and NERD with the ultimate goal of making validated brain-related technology accessible to the community. The ONtrepreneurs (Ontario Neurotech Entrepreneurs) Program is Canada’s single largest award that catalyzes early stage entrepreneurs to commercialize brain-related technologies. The NERD (Neurotech Early Research & Development) program de-risks investments in neurotechnologies by providing milestone-based funding to support product development.
Sergio Aguirre, CEO – [email protected]