Aleva Neurotherapeutics Raises USD 18 Million in Series C Financing Round

27.05.2016 10:00

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Symboldbild Aleva Neurotherapeutics

Aleva Neurotherapeutics, a leading company developing next-generation implants for deep brain stimulation (DBS) in major neurological indications such as Parkinson’s Disease and Essential Tremor, today announced that it has raised USD 18 million in a Series C financing round. In total, Aleva has raised USD 42 million from renowned private and institutional investors.

The proceeds of the financing will be used to obtain the CE mark for Aleva’s proprietary directSTIM Directional Deep Brain Stimulation System in 2017. The round was led by Greatbatch, Inc., a strategic lead investor contributing a total of $5 million to the transaction. In February 2016, Aleva and Greatbatch announced the closing of a strategic development, supply and manufacturing agreement. In addition, Aleva will combine their innovative directional lead technology with the proprietary neurostimulation platform of Nuvectra, a recent spin-off from Greatbatch.

Aleva’s existing investors (BioMedPartners, BB Biotech Ventures, Banexi Ventures and Initiative Capital Romandie) and a group of select Family Offices with significant experience in medical device investments have added to the round, including Kinled Holding and Forrestal Capital.

"I would like to thank our new and existing investors for significant support towards the advanced development of our products, designed to deliver improved therapeutic outcomes for Parkinson´s patients," said André Mercanzini PhD, Founder and Chief Technology Officer of Aleva.

“We received strong interest from investors. We completed the first closing, but are still accepting additional investments from qualified investors for a limited time," said Oern Stuge MD, Executive Chairman of Aleva.

"The neuromodulation space represents a significant growth opportunity," said Anthony Borowicz, VP Business Development of Greatbatch, Inc. and newly appointed Aleva Board member, "We are delighted to be part of this exciting opportunity and together with our spin-off Nuvectra will support Aleva in every aspect of preparing for the market launch of directSTIM."

“Nuvectra would like to congratulate Aleva on the success of their Series C financing round," said Scott Drees, Chief Executive Officer of Nuvectra. “Nuvectra is proud to be working with Aleva to combine their innovative directional lead technology with Nuvectra’s proprietary neurostimulation platform. Successfully obtaining CE mark for the complete Aleva directSTIM DBS system will offer a compelling new therapy option for physicians and their patients.”

About Aleva Neurotherapeutics
Aleva Neurotherapeutics develops next-generation neurostimulation technologies and devices for Deep Brain Stimulation (DBS) therapy. Its solutions are designed to be more precise and more efficient than currently available DBS approaches while causing fewer side effects. Based on its proprietary microDBS technology, Aleva has developed two novel brain stimulating products with different properties. The first, called directSTIM, is a complete Directional Deep Brain Stimulation System for long-term therapy in Parkinson’s Disease and Essential Tremor; the second, called spiderSTIM , is a full solution for intra-surgical placement of DBS electrodes. The successful results of Aleva’s directSTN pilot study were published in Brain in 2014. Further milestones include the completion of a study for the spiderSTIM neurosurgical mapping device in Parkinson’s disease patients in 2016.
The company is a spin-off from the Ecole Polytechnique Fédérale de Lausanne (EPFL) Microsystems Laboratory of Prof. Philippe Renaud. Aleva Neurotherapeutics has raised USD 42 million from renowned private and institutional investors, among them BioMedPartners (through its BioMedInvest-II LP Fund), BB Biotech Ventures LP, Banexi Ventures Partners, Initiative Capital Romandie and selected private investors.

About Greatbatch Corporation
Greatbatch, Inc. (NYSE:GB) is one of the largest medical device outsource (MDO) manufacturers in the world serving the cardiac, neuromodulation, orthopedics, vascular, advanced surgical and portable medical markets. The company provides innovative, high quality medical technologies that enhance the lives of patients worldwide. In addition, it develops batteries for high-end niche applications in energy, military, and environmental markets. The company's brands include Greatbatch Medical, Lake Region Medical and Electrochem. In October 2015, Greatbatch, Inc. completed its acquisition of Lake Region Medical, the combined company will be renamed Integer Holdings Corporation.

About Nuvectra Corporation
Nuvectra is a neurostimulation company committed to helping physicians improve the lives of people with chronic neurological conditions. The Algovita® Spinal Cord Stimulation (SCS) System is our first commercial offering and is CE marked and FDA approved for the treatment of chronic pain of the trunk and/or limbs. Our innovative technology platform also has capabilities under development to support other neurological indications such as sacral nerve stimulation (SNS), and deep brain stimulation (DBS). In addition, our NeuroNexus subsidiary designs, manufactures and markets leading-edge neural-interface technologies for the neuroscience clinical research market.

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