Manus Neurodynamica Limited (“Manus”), which develops and markets products and technologies for neuromotor assessment, announces that it has closed a £2.6m funding round to support the commercialisation of its innovative NeuroMotor PenTM – a medical device to aid diagnosis and monitoring of neuromotor disorders including Parkinson’s disease.
Existing investors supported the £2.6m investment round including the North East Innovation Fund, supported by the European Regional Development Fund, and managed by Northstar Ventures co-leading the round with Par Equity with participation from SIS Ventures, Scottish Enterprise and Old College Capital.
The funding will allow Manus to continue its launch into the EU pharmacy retail sector, focused on prevention screening, and global clinical markets, helping to differentiate between Parkinson’s and other movement disorders, aiding the patient pathway and reducing costs. Manus has already made solid progress here having signed an agreement earlier this month with Medispa, an Italian provider of wellness management systems and services, to integrate the NeuroMotor PenTM with Medispa’s Prevention Suite, an integrated platform of health services aimed at monitoring the health and well-being of patients. The funds will also support the Company’s application for US FDA regulatory clearance and progressing its US trials, as well as further developing and implementing its US commercialisation strategy.
The Company recently announced it has received funding from Johnson & Johnson Innovation to further the utility of the NeuroMotor PenTM into immunotherapy. Although funding has been received directly from J&J to undertake a clinical trial for the detection of neuromotor adverse effects following CAR T-cell therapy, the funding round will support optimising the configuration of the NeuroMotor PenTM for this indication. Furthermore, it will support development of the pen in other neurological conditions, such as Alzheimer’s disease.
Dr Rutger Zietsma, CEO of Manus, commented: “I’d like to thank Manus’ existing investors for supporting the Company’s commercialisation programme of our unique NeuroMotor PenTM, building on previous support we received in 2021. This year is set to be an exciting one, with partnerships already secured, and we truly believe our non-invasive and CE-marked product can have a huge impact on patients and tackle the unmet need for a quick, inexpensive device that can detect neurological conditions, particularly given the aging global population.”
Richard Charnley, Investment Director of Northstar Ventures, stated: “At Northstar Ventures we back businesses that are reimagining the future of healthcare, with a particular focus on healthy ageing. Having relocated its North East office from Durham to Gosforth in Newcastle to accommodate a growing team, we are excited by the potential impact Manus can have on those with neurological conditions and we were delighted to further support its mission.”
Alastair Moore, Senior Investment Manager at Par Equity added: “Manus is rapidly establishing itself as a go-to diagnostic for neurological conditions and with funding secured to now obtain US regulatory clearance off the back of achieving FDA breakthrough status, the next 18 months promise to be transformational. The NeuroMotor Pen’s ability to rapidly and non-invasively determine whether an individual requires further care has potential to deliver enormous efficiency gains for health systems while enabling the individual to have clarity on the meaning of their symptoms within minutes.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Encouraging innovative firms such as Manus to commercialise and scale is a priority for Scottish Enterprise. The NeuroMotor Pen developed by Manus aids clinicians in determining neurological conditions in a non-evasive manner and this investment will allow the company to progress this technology further, delivering potential growth opportunities and medical advances in the process.”