Neurostimulation co Nervomatrix raises $3.5m

The company has built four devices and carried out a trial at the Bnei Zion Hospital in Haifa.

Neurostimulation for pain relief company Nervomatrix Ltd. has raised $3.5 million from Everett Partners of the US, an investor in Targetech Innovation Center, where Nervomatrix is based.

Nervomatrix director Dr. Miguel Gorenberg founded the company in 2007. The company's Auto-Targeting Neurostimulation automatically pinpoints the source of pain using non-invasive and non-drug imaging and sensing technologies to treat the area in the endorphin system identified to be the most effective for pain relief, and it electrically stimulates the nerve endings.

The company has built four devices and carried out a trial at the Bnei Zion Hospital in Haifa. The results suggested that the device is effective. Last year, the company obtained US Food and Drug Administration (FDA) marketing approval for the device and sold two systems to a California company which operates pain treatment clinics, carrying out ten procedures a day.

Nervomatrix is planning another trial with a US university hospital to support US sales.

"Nervomatrix CEO Ori Kanner said, "The excellent results of the clinical trial, customer feedback, and the fact that the company met its challenges, resulted in Targetech's investors making a follow-on investment in the company. We will use the proceeds from the financing round to carry out the planned study, establish the company's sales and marketing network in the US, and enter new markets, such as Europe and Japan."

Everett Partners managing director and Targetech chairman Neil Wyant said, "We're pleased by our involvement in Nervomatrix, reflected in both the investment and the providing of access to markets and infrastructures for clinical trials in the US."

Published by Globes [online], Israel business news - www.globes-online.com - on September 25, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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