Neuromodulation start-up closes EUR 15M Series C financing round
First expandable percutaneous lead for neuromodulation treatment of chronic pain
WISE Srl, a medical device company developing next-generation implantable leads for neuromonitoring, neuromodulation and brain-machine interfacing, announced the closing of a EUR 15 million Series C financing round. New investors, led by CDP Venture Capital SGR, and including Indaco Ventures I Fund and EUREKA! Venture SGR, joined existing investors participating in this round – Principia SGR, New Frontier, Atlante Seed and Atlante Ventures (funds managed by Indaco Venture Partners SGR), High-Tech Gründerfonds and F3F.
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The proceeds will be partially used to accelerate the development of the Company’s second product, SCS EXPERT (EXpandable PERcuTaneous), a percutaneously implantable multi-column paddle lead for Spinal Cord Stimulation (SCS). The funds will also support the upcoming launch of its first product, WISE Cortical Strip (WCS), a single use medical device for IntraOperative Neurophysiological Monitoring during brain tumor and epilepsy surgeries, which is anticipating the granting of its CE mark.
This financing adds to the recent European Commission grant of EUR 2.3 million given to WISE in July 2020, to support the development and launch of SCS EXPERT within the EIC Accelerator program of Horizon 2020.
"We are delighted with the support we have received for our latest funding round and welcome our new investors. With this additional funding, we will be able to accelerate our plans to launch SCS EXPERT, as we make progress toward FDA clearance and market launch. With support from our engaged investors, we remain committed to build on our innovative drive and passion to provide the best lead with the least invasive implantation procedure to the SCS market; potentially bringing relief to patients suffering from chronic pain and other disorders", Luca Ravagnan, CEO at WISE.
Chronic pain is a debilitating disease for sufferers and treatment costs billions for the European and US healthcare systems each year. Globally, around 328 million people suffer from high-impact chronic pain – pain that lasts three months or longer and is accompanied by at least one major activity restriction.
To date, the therapeutic market has been dominated by drugs from several classes including non-steroidal anti-inflammatory drugs (NSAIDs) and opioid analgesics. However, the increased scrutiny of opioid use worldwide has led to a significant rise in interest in alternative treatments, such as neuromodulation using SCS implants. The current neuromodulation market has an estimated value of $5.8 billion, with over 50% of the value given by the SCS sector.
SCS implants work by blocking pain signals before they reach the brain through the delivery of electrical stimuli to the spinal cord by means of implantable leads. Currently there are two types of implantable leads available – multi-column paddle leads and cylindrical leads. Multi-column paddle leads offer better overall treatment results, but current products can only be inserted surgically
Thanks to its proprietary SCBI technology, WISE is the first company capable of producing a multi-column paddle lead – the SCS EXPERT – that can be folded in a catheter and implanted percutaneously like a cylindrical lead, i.e. with no surgical intervention required. This will offer the opportunity to the patient for the first time to receive the best SCS lead with the least invasive implantation procedure.
"We are delighted to support WISE’s brilliant team in this important phase. The technological advantage deriving from the unique characteristics of the proprietary technologies underlying its medical leads has been validated with the first product, WISE Cortical Strip. We are confident this will be a distinctive feature also of SCS EXPERT, thus confirming the enormous potential that WISE has in its ability to offer cutting edge solutions to unmet medical needs, hence to improve quality of life of millions of people", Laura Scaramella from CDP Venture Capital SGR S.p.A.
"We are very pleased to continue our journey towards market entry together with WISE and our fellow shareholders. The technology is combining the best of both worlds, using minimal invasive procedures to implant multi-column leads. This has the potential to revolutionize the growing neuromodulation market valued at $5.8 billion and improve the treatment results of millions of chronic pain patients", Kay Balster Principal, High-Tech Gründerfonds
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