Aleva Neurotherapeutics, a company developing next-generation implants for Deep Brain Stimulation (DBS) in major neurological indications such as Parkinson´s disease or depression, has closed a Series A financing round totalling EUR 9.5 million.
Aleva was founded in 2008 as a spin-off from the Ecole Polytechnique Fédérale de Lausanne (EPFL) Microsystems Laboratory.
The round was funded by a group of seasoned industry specialists and co-led by BioMedInvest AG (managed by BioMedPartners AG, Basel, Switzerland) and BB BIOTECH VENTURES III, L.P. (advised by Bellevue Asset Management AG, Kuesnacht, Switzerland). Initiative Capital Romandie (Lausanne, Switzerland) and renowned private investors also participated in the financing.
The proceeds will be used to support the development of Aleva’s pioneering product pipeline for neurostimulation, which is based on the company’s proprietary microDBS™ technology. microDBS™ is a next-generation technology addressing Deep Brain Stimulation therapy, currently a US$ 450 million market with strong double-digit growth rates.
Aleva’s microDBS technology for target-specific stimulation has been developed to significantly reduce the side effects and potential complications as well as the costs of DBS therapy. Moreover, its features allow for expanding the existing DBS market to new indications which cannot be addressed by currently available technologies.
The company is developing three products based on its microDBS technology: directSTIM, an intelligent electrode compatible with existing DBS platforms; spiderSTIM, a full solution for both intra-surgical and long-term therapeutic use; and the cortiSTIM device for cortical stimulation.
All products will be compatible with marketed pulse generators. Clinical trials of the lead product, directSTIM, are scheduled to start later this year.
“The combination of Aleva Neurotherapeutics’ technology, pipeline and management team has convinced us that the company is in an excellent position to significantly improve the treatment options for patients with Parkinson´s disease, depression and other important neurological disease indications. Building its innovative technology on a proven treatment mechanism called Deep Brain Stimulation, Aleva has chosen a fast route to market, which will hopefully allow both physicians and patients to benefit from novel neurostimulation devices in the very near future,” says Markus Hosang, General Partner at BioMedPartners AG.
“Since its inception in 2008, Aleva has demonstrated that it is a product-driven company with a sound business strategy. The first product, which is supported by an attractive follow-on pipeline, is already approaching clinical trials,” says Juerg Eckhardt, Investment Advisor to BB BIOTECH VENTURES. “Its leading-edge technology has the potential to add substantial benefits to existing DBS platforms and to expand this therapy to additional indications. We therefore are convinced that the company and its products will be met with great interest by physicians, patients and potential corporate partners.”
