– USA, CA – NeuroPace, Inc., a Silicon Valley-based medical technology company, today announced it has raised $67 million in a funding round led by Accelmed Partners alongside an unnamed strategic investor, Revelation Partners, Soleus Capital, and returning investors KCK Group and Orbimed Advisors also participating.
Concurrent with the financing, Evan Norton, General Partner, Accelmed Partners is joining the NeuroPace Board.
“NeuroPace has set the standard for epilepsy neuromodulation technology, with its unique ability to continuously monitor EEG data and respond with closed-loop stimulation,” commented Evan Norton, General Partner, Accelmed Partners and new NeuroPace board member. “The company’s differentiated technology, unmatched clinical outcomes, and the large unmet market need it addresses make it a compelling investment in line with our goal of supporting healthtech companies poised for significant growth. We are enthusiastic about the team and excited about the market potential of this game-changing therapy.”
The funds will be used to accelerate commercial growth and to pursue expanded indications for the RNS System, the company’s innovative technology for refractory focal epilepsy.
The financing includes $33 million of new equity capital and $34 million from convertible debt provided by current investors from a prior funding round. An additional $27 million in committed capital is available in a second tranche.
“This round of financing will enable us to execute our commercial strategy and maximize therapy adoption at comprehensive epilepsy centers,” said Mike Favet, CEO of NeuroPace. “It will also fund a clinical trial to expand our indication to patients under 18 years old, a population whose quality of life is especially impacted by epilepsy. We now have the highest seizure reduction rates reported by any epilepsy neuromodulation device, a robust product innovation pipeline, and market expansion opportunities. With this additional funding, we can bring RNS System’s life-changing technology to significantly more people who are living with refractory epilepsy.”
The RNS System is the first and only FDA approved brain-responsive neurostimulator designed to prevent seizures before they start. Recently published data show an unprecedented 82% median seizure reduction at three or more years, as well as enduring improvements in quality of life and cognition. In addition to proven clinical benefits, the RNS System is the only device that continuously monitors and records EEG data, providing data-driven insights that enable physicians to optimize their patients’ epilepsy care
NeuroPace is dedicated to developing groundbreaking technology and advancing brain science to improve the quality of life for millions of individuals who suffer from neurological disorders. The company’s first product, the RNS System, is the only FDA-approved brain-responsive neurostimulator for the treatment of focal onset refractory epilepsy. In addition to treating epilepsy, brain-responsive neuromodulation holds the promise of treating other brain disorders that impact quality of life for millions of patients throughout the world.
For more information: https://www.neuropace.com/
About Accelmed Partners
Accelmed Partners is a leading U.S. based private equity firm focused on investments in commercial stage HealthTech companies. Accelmed is based in New York City.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.