Aleva Neurotherapeutics, a leading developer of 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 13 million in a Series D financing round. The round was led by Forrestal Capital, a fund with specific experience in neurological devices. Aleva’s existing investors have also participated in the round.
The company reports that the proceeds of the financing will be used to complete the acquisition of a CE Mark for Aleva’s proprietary directSTIM™ Directional Deep Brain Stimulation System. The successful results of Aleva’s directSTN pilot study were published in Brain and strongly suggest the potential of directional stimulation in improving surgical outcomes.
“We would like to thank both our new and existing investors for this significant support towards the registration of our products, designed to deliver improved therapeutic outcomes for Parkinson´s patients. We have completed the first closing, but are still accepting additional investments from qualified investors for a limited time,” said André Mercanzini PhD, Founder of Aleva.
In August 2017, Aleva and Nuvectra (NASDAQ: NVTR) approved increasing the scope of their Development Agreement, which combines Aleva’s innovative directional lead technology with Nuvectra’s proprietary neurostimulation platform. In addition, Aleva will continue its supply and manufacturing agreement with Integer (NYSE: ITGR), a strategic investor in Aleva’s previous Series C Financing.
Aleva’s DBS devices are designed to be more precise and efficient than currently-available DBS approaches, while causing fewer side effects. Based on its proprietary technology, Aleva has developed two novel brain stimulating products with different properties. The first, directSTIM™, is a complete Directional DBS System for long-term therapy in Parkinson’s disease and Essential Tremor; the second, spiderSTIM™, is a full solution for intra-surgical placement of DBS electrodes.
The company is a spin-off from the Swiss Federal Institute of Technology in Lausanne (EPFL) Microsystems Laboratory of Prof. Philippe Renaud. Aleva Neurotherapeutics has now raised USD 46 million from renowned institutional investors, among them Forrestal Capital, Kinled Holding, BioMedPartners (through its BioMedInvest-II LP Fund), BB Biotech Ventures LP, Kreaxi and Initiative Capital Romandie, as well as from select private investors.