Precisis AG announces successful conclusion of a funding round of EUR20 million with Cochlear Limited
Precisis, a medical technology company that develops methods to relieve epilepsy patients from their symptoms, has acquired additional funding of EUR20 million. The additional funding will be used to support ongoing clinical studies and to further advance EASEE(R), an implantable bioelectric brain stimulation system that explores novel approaches to treating epilepsy.
The only treatments currently available for patients who show little or no response to medication are invasive surgical procedures - deep brain stimulation, responsive neurostimulation, vagus nerve stimulation or removal of the affected area of the brain.
EASEE(R) is the first low-risk and highly effective alternative. The EASEE(R) device is positioned out of sight on the cranial bone beneath the scalp and over the sensitive brain tissue. It marks a paradigm shift in brain stimulation. The additional funding will be used to support ongoing clinical studies and to further advance EASEE(R), an impantable bioelectric brain stimulation system that explores novel approaches to treating epilepsy.
The relationship between Precisis and Cochlear creates opportunities to leverage Precisis' development know-how in the area of brain stimulation for functional brain diseases on the one hand, and Cochlear's expertise in implantable devices on the other. The majority of the funds to be invested by Cochlear will be subject to achievement of defined clinical and development milestones for the EASEE(R) system planned for the next 18 months including receipt of CE Mark certification.
Angela Liedler, MD, CEO of Precisis AG, says: "This funding round is an important step in the advancement of bioelectric brain stimulation. It will allow us to grow much faster in the future and launch numerous projects in research and development, as well as in sales and marketing. Most importantly, our revolutionary product EASEE(R) will soon be offered to an international group of epilepsy patients."
Jan Janssen, CTO of Cochlear Limited, adds: "Cochlear actively monitors the market for novel technologies and implantable devices that over the long term may leverage Cochlear's core technology and commercial strengths. We are very pleased to work with the Precisis team in Heidelberg. The EASEE(R) stimulation device has promising potential to become not only a commercially successful product in the future, but above all to make a meaningful improvement for those living with epilepsy."