Cervel Neurotech Inc a privately held company developing a novel non-invasive and non-pharmacologic therapy for depression pain and other conditions today announced that it has completed a capital raise of $14 1 million The Company’s existing investors D E Shaw Ventures and Aberdare Ventures participated in the equity financing In addition two new investors joined the equity syndicate and a credit facility with East West Bank completed the financing
We are very pleased with this capital raise in that it provides us with significant resources to advance the company said Eric Meier Chief Executive Officer of Cervel Neurotech Specifically this financing enables us to continue to demonstrate the highly differentiated nature of our platform for the treatment of psychiatric and neurologic conditions Our clinical pilot studies in depression and pain have yielded promising safety and effectiveness data and this funding will allow us to undertake the larger scale clinical activities required to further validate our novel approach to delivering transcranial magnetic therapy ”
Certain disorders such as depression are thought to occur because of suboptimal metabolic activity in a network of regions within the brain Transcranial magnetic stimulation TMS involves using alternating magnetic fields to create small electrical currents that stimulate areas in the brain to restore metabolism Cervel’s proprietary approach uses multiple magnetic fields generated by coils placed on a patient’s scalp to selectively stimulate both surface and deeper brain regions
About Cervel Neurotech Inc Cervel Neurotech a privately held medical device company based in Foster City Calif , is pioneering a non-invasive non-pharmacologic and non-systemic treatment for psychiatric and neurologic illnesses The magnetic coils are uniquely designed to allow steering of the magnetic fields through multiple specific brain regions associated with the symptoms of a particular disorder Cervel’s Steerable TMS(TM technology avoids unintended stimulation of areas not associated with the disorder
About D E Shaw Ventures D E Shaw Ventures is the venture capital unit of the D E Shaw group a global investment and technology development firm with more than 1,000 employees and approximately 28 billion in investment capital as of January , , and offices in North America Europe and Asia Since our founding in , the firm has earned an international reputation for successful investing based on innovation careful risk management and the quality and depth of our staff We have a significant presence in the world’s capital markets investing in a wide range of companies and financial instruments in both developed and developing economies
About Aberdare Ventures Inc Formed in , Aberdare Ventures is a San Francisco-based venture capital firm investing in visionary entrepreneurs and technologies that are transforming healthcare with new biological engineering and information technologies The firm has attracted and partnered with many superior early stage companies such as Ironwood Pharmion Clovis Oncology and MC10 repeatedly backing start-that up’s have grown to values exceeding 1 billion The team of six investment professionals oversees a committed capital base in excess of 400 million in aggregate For more information please visit a href=”http://www aberdare com target=”_blank”>www aberdare com
