Deep Brain Stimulation therapy is currently a US$ 450 million market with strong double-digit growth rates. Alevas technology has been developed to significantly reduce the side effects and potential complications as well as the costs of DBS therapy. The proceeds now generated will allow the company based in Lausanne to start clinical trials.
Aleva Neurotherapeutics, a company developing next-generation implants for Deep Brain Stimulation (DBS) in major neurological indications such as Parkinson´s disease or depression, announced the closing of a Series A financing round totaling EUR 9.5 million. The proceeds will be used to support the development of Aleva’s pioneering product pipeline. Aleva was founded in 2008 as a spin-off from the Ecole Polytechnique Fédérale de Lausanne (EPFL) Microsystems Laboratory. The company was awarded the CTI Start-up-Label earlier this year.
The round was funded by a group of seasoned industry specialists and co-led by
BioMedInvest AG (managed by BioMedPartners AG, Basel, Switzerland) and
BB BIOTECH VENTURES III, L.P. (advised by Bellevue Asset Management AG, Kuesnacht, Switzerland).
Initiative Capital Romandie (Lausanne, Switzerland) and renowned private investors also participated in the financing.
Deep Brain Stimulation therapy is currently a US$ 450 million market with strong double-digit growth rates. For patients with movement disorders like Parkinson’s disease DBS is the last resort when medication stops working and it will always stop working.
Aleva’s technology for target-specific stimulation has been developed to significantly reduce the side effects and potential complications as well as the costs of DBS therapy. Moreover, its features allow for expanding the existing DBS market to new indications which cannot be addressed by currently available technologies.
The company is developing three products based on its technology: directSTIM™, an intelligent electrode compatible with existing DBS platforms; spiderSTIM™, a full solution for both intra-surgical and long-term therapeutic use; and the cortiSTIM™ device for cortical stimulation. Clinical trials of the lead product, directSTIM™, are scheduled to start later this year.
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