Belgian neurostim dev Synergia Medical raises $10m in Series A

Belgian neurostimulation device developer Synergia Medical said this week it raised $10 million (EU €8.1 million) in a Series A round to help support its NAOS vagus nerve stimulation device designed to treat drug-resistant epilepsy.

The NAOS system is a small-form, MRI-safe implanted neurostimulation device designed to stimulate the vagus nerve, with traditional wires replaced by optical fibers and photovoltaic cells that convert monochromatic optical energy into electrical impulses.

Funds from the round will support final testing of the NAOS device as the company pursues CE Mark submission, Synergia Medical said.

The round was led by newly invested Newton Biocapital and joined by new investors Financière Spin-off Luxembourgeoise, SRIW and SFPI-FPIM, the company said.

As part of the funding round, Synergia said it appointed Reinhard Krickl as board chair and added Newtown Biocapital’s Dr. Guy Heynen and Financière Spin-off Luxembourgeoise’s Pierre Detrixhe as non-executive directors.

“Synergia’s team is an engineering power house and it has developed some truly game-changing technologies that could form the base of a new generation of neurostimulation devices. The impressive developments to-date and ongoing research give us a great deal of confidence in what can be achieved in the next few years with this new funding. I’d like to thank the team for what they have achieved already; Jacques van Rijckevorsel on his departure from the Board and Jean-Jacques Verdickt as he transitions out of his role as Chairman for their significant contributions to the creation of this company and technology, and we welcome Guy and Pierre to the board,” board chair Krickl said in a press release.

“Synergia’s innovative solution to the growing global challenge of epilepsy management has the very real potential to be a market disrupting technology. The impressive team has not only already contributed significantly to this market with previous technologies, but has also pioneered world leading technologies in the NAOS system that have significant potential in stimulation beyond epilepsy. We’re very pleased to be able to support this dynamic business at this transformative time and look forward to future success,” Newton Biocapital managing partner Alain Parthoens said in a prepared statement.

Synergia said it is developing the NAOS for treating drug-resistant epilepsy, and that it is currently testing the device with a hoped for CE Mark filing date some time in 2019. The company said it is also exploring future FDA approval in the US.

“The support and endorsement of these leading investors demonstrates the potential for Synergia to make a significant difference to patients with its pioneering technologies. This financing enables us to grow our team, progress the NAOS system through further testing before filing for CE marking, and prepare for further clinical studies for regulatory approvals in the US. We welcome the support of our new and existing investors and look forward to the contribution that Guy and Pierre will make to the board,” CEO Attila Borbath said in a prepared release.

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