Sapiens Secures 10 million Euros
Sapiens Steering Brain Stimulation announced it has secured a total of 10 million Euros additional funding from the Wellcome Trust (UK), The Michael J. Fox Foundation (USA), and Agentschap NL (NL), to develop its Steering Brain Stimulation proposition to treat Parkinson's disease and other brain disorders.
EINDHOVEN, NETHERLANDS, Sapiens Steering Brain Stimulation (Sapiens) announced today that it has secured a total of 10 million Euros additional funding from the Wellcome Trust (UK), The Michael J. Fox Foundation (USA), and Agentschap NL (NL), to develop its Steering Brain Stimulation proposition to treat Parkinson's disease and other brain disorders. These additional funds supplement an initial €13 million Series A funding round with Wellington Partners, Edmond de Rothschild Investment Partners and LSP in May 2011.
Sapiens has received a prestigious Strategic Translation Award from the Wellcome Trust, the largest charity organization in Great Britain. This €3.5 million equity investment will facilitate the development of specific components of Sapiens' high-resolution, thin-film based probe technology. Richard Seabrook, Head of Business Development at the Wellcome Trust, commented: "Deep Brain Stimulation (DBS) has proven to be a life-changing therapy for patients with Parkinson's disease. By refining the technology and reducing side effects, this project promises to bring back quality of life to more patients living with this debilitating disease."
The company has also been awarded a $370.000 research grant from The Michael J. Fox Foundation (MJFF), as part of their Therapeutics Development Initiative 2011. This Foundation sponsors research and development programs to find a cure for Parkinson's disease and to develop improved therapies for those who live with the disease today. "Our Foundation invests in accelerating the transition of promising treatment options for Parkinson's disease into clinical practice," said Todd Sherer, PhD, CEO of MJFF. "The potential in the Sapiens approach to DBS to make a difference in Parkinson's disease treatment is reflected in our funding decision."
In addition, the Dutch Government organization Agentschap NL provided €5 million funding for the development of Sapiens' advanced high-resolution probe, as well as a €1.5 million grant to develop its innovative procedure solutions, in collaboration with the departments of Neurosurgery and Neurology of the Academic Medical Center (AMC) Amsterdam, and Twente Medical Systems International BV (TMSi), a world leading company specialized in developing high-precision electrophysiological solutions.
Michel DecrÃ©, Chief Technology Officer of Sapiens commented: "The contributions from the Wellcome Trust, The Michael J. Fox Foundation and Agentschap NL demonstrate that Sapiens' unique approach of Steering Brain Stimulation resonates with renowned, international organizations that have a long-standing history of supporting highly innovative research projects. We are convinced that the Sapiens high-resolution probe, in combination with our image-based planning and programming software, will significantly improve the therapeutic outcome of DBS, and make the entire procedure more tolerable for patients."
Sjaak Deckers, Chief Executive Officer of Sapiens added: "Over €10 million of additional financing for finalizing our product development is great news for our young company. The independent recognition of the value of our proposition is a great boost to the Sapiens team, which is committed to improving the lives of more people suffering from Parkinson's disease and other degenerative or functional brain disorders.â€
>> Click here for in-depth research on 9,000 startups and 5,000 VC investors
(c)2011-2020 by Massinvestor, Inc. For contact info, please check out our about