Sapiens raises € 13m in a Series A financing to fund the development of a novel deep brain stimulation system
6/1/2011 8:48 AM EST
Sapiens Steering Brain Stimulation GmbH /
Sapiens raises € 13m in a Series A financing to fund the development of a novel
deep brain stimulation system
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Eindhoven, the Netherlands, Munich, Germany, June 1(st), 2011 - Sapiens Steering
Brain Stimulation GmbH ('Sapiens'), a spin off from Philips Research, announces
today that it has raised €13 million in a Series A round co-led by Wellington
Partners (WP) and Edmond de Rothschild Investment Partners (EdRIP) with
additional financing from Life Sciences Partners (LSP). Philips and NeuroNexus
Technologies Inc become minority shareholders in Sapiens as a result of their
contribution to the development of the Sapiens' system and underlying
technologies. The funds will be used to further develop Sapiens' innovative
brain stimulation system and software, its first in-man validation and
regulatory approval in Europe.
Deep brain stimulation (DBS) is applied for the treatment of essential tremor,
late-stage Parkinson's disease, dystonia and obsessive compulsive disorders and
more recently for the treatment of epilepsy. It may have further potential to
expand to other neurologic or psychiatric indications. DBS is a treatment that
relies on the delivery of mild electrical pulses to specific areas in the brain
via implanted probes that are connected to a battery-powered implantable pulse
generator.
Sapiens is developing a unique, high-resolution, and MRI-compatible DBS system
comprising implants with navigation and steering software. Sapiens' implantable
probe with superior current steering capacity will enable precise, targeted
stimulation of small brain structures. The software will allow faster and safer
implantation and programming of the system and may accordingly reduce time,
resources and costs for the complex DBS procedure.
The three founders, Michel Decré, Hubert Martens and Sjaak Deckers have
initiated, contributed and led the work on Deep Brain Stimulation within Philips
Research from 2006 to today. Sjaak Deckers, founder and CEO at Sapiens commented
on the closing: "this first financing round is a real testimony to the potential
of our technology and reflects the great achievements of the Sapiens team thus
far".
In line with the new financing, five new members have joined the Sapiens' Board
of Directors: Hans Barella, former CEO, Philips Medical Systems, as Chairman of
the Sapiens Board, Todd Whitehurst, MD, former VP Emerging Indications, Boston
Scientific Neuromodulation, Regina Hodits, general partner at WP, Olivier
Litzka, partner at EdRIP, and Anne Portwich, partner at LSP. Lukas Guenther (WP)
and Geoffroy de Ribains (EDRIP) will join as observers.
Hans Barella, member of the board of directors Elekta AB, Sweden, Chairman of
the supervisory board of SupersonicImagine SA, France and the new chairman of
the Sapiens Board of Directors, said: "I am looking forward to working with such
an entrepreneurial team as well as with this group of reputable investors on
this exciting technology that has the potential to improve brain stimulation
therapy for patients with Parkinson's Disease as well as other neurological and
psychiatric indications."
Todd Whitehurst, MD, VP Product Development, Sensors for Medicine and Science,
Inc (SMSI), a California-based implantable sensor company, comments: "The
Sapiens system is a dramatic leap forward in neuromodulation technology. With
the Sapiens system, patients will receive optimal therapy with fewer side
effects. The expected reductions in surgery duration and programming time
represent a significant improvement for neurosurgeons and neurologists as well
as patients."
Regina Hodits, from Wellington Partners: "Sapiens' integrated approach of
steering neuro modulation not only offers significant advantages to patients,
physicians and payors, but the advanced stage of the technology, based upon
significant developments within Philips Research, also makes it an attractive
investment opportunity. We are very much looking forward to working with the
Sapiens' team on making Sapiens a success. "
Olivier Litzka, from Edmond de Rothschild Investment Partners: "Sapiens'
complete solution has the potential to significantly expand the use of DBS by
simplifying the surgical procedure and by greatly improving efficacy and safety.
We are excited to back the development of this ambitious project and this great
team."
Press enquiries
Sjaak Deckers, Founder and CEO, Sapiens GmbH and Sapiens BV
T: +31402741621
E:
Raimund Gabriel, MC Services AG
T: +49892102280
E:
About Sapiens
Sapiens Steering Brain Stimulation GmbH is an emerging medical device company
whose mission is to deliver superior solutions for deep brain stimulation (DBS)
therapy. Sapiens' ambition is to provide a unique, high-resolution, and MRI-
compatible DBS system that will improve patient comfort and therapeutic outcome,
initially for patients with Parkinson's disease. Sapiens, with offices in
Eindhoven, the Netherlands and Munich, Germany, is founded in 2011 as a spin-out
of Royal Philips Electronics. Its steering brain stimulation (SBS) system and
image-guided programming are based upon patented technologies. For more
information, please visitwww.sapiensneuro.com
About Sapiens proprietary DBS system
Sapiens is developing a unique, high-resolution, and MRI-compatible DBS system
comprising navigation and steering software and implants. The software solution
creates a patient specific brain map and will support the surgeon in finding the
ideal trajectory, avoiding critical structures en route to the target zone. It
will also allow a faster, accurate placement of electrodes in the target area of
the brain. Sapiens' probe will be an array with many tiny electrodes that can be
activated independently allowing to precisely steer the stimulation pulses to
desired target regions. The image-based software allows the optimization of
steering the current to its desired position and enabling further programming
and post-operative fine tuning. Sapiens complete solution includes next-
generation implantable pulse generators (IPG) with superior MRI-compatibility
features and battery life.
About Deep Brain Stimulation for Parkinson's Disease
Sapiens initially focuses on Parkinson's disease (PD), a clinically proven and
reimbursed DBS indication. World-wide, the number of patients with PD is
estimated at 6 million; in about 1 million of these patients medication becomes
inadequate and they can envisage DBS as adjunctive therapy. Today, only 80k
patients, less than 8% of these patients, have been implanted with a DBS device.
The current DBS world market for PD is 350 m€, growing with 16% CAGR. Key
factors hampering faster growth are technology limitations resulting in too high
adverse event rates and complicated procedures. Therefore, neurologists today
only prescribe DBS as a last-resort therapy for late stage PD patients. Sapiens'
programme of products will address these issues, which may accelerate market
growth for PD, and other indications.
About Wellington Partners
Wellington Partners is one of the most successful pan-European venture capital
firms. With some € 800 million under management and offices in London, Munich,
Palo Alto and Zurich, the firm invests into companies throughout Europe that
have the potential to become global leaders, in the areas of Digital Media,
Technology and Life Sciences. Since 1998, Wellington has invested in more than
100 companies, including publicly traded Actelion, Wavelight, Evolva and XING
and successful privately held companies like Alando (acquired by eBay) and
Grandis (acquired by Novartis). For more information please visitwww.wellington-
partners.com
About Edmond de Rothschild Investment Partners
Paris-based Edmond de Rothschild Investment Partners is dedicated to minority
investments into privately-owned companies. It has currently more than €800
million under management which is being invested primarily as life sciences
venture capital and growth capital. Its Life Sciences team of seven
professionals brings together over 30 years of experience in the Life Science
industry and more than 50 years of private equity and venture capital
experience. The team has approximately €220 million under management, and raised
its most recent fund, € 150 million BioDiscovery 3 fund, in 2008. Edmond de
Rothschild Investment Partners is part of La Compagnie Financière Edmond de
Rothschild. For more information please visit:www.edrip.fr
About LSP
LSP is a leading independent European investment firm, providing financing for
private and public life-science companies. Since the late 1980s, LSP's
management has invested in a large number of highly innovative enterprises, many
of which have grown to become leaders of the global life-science industry. For
example, LSP was a founding investor in Movetis, Crucell, DNage, Qiagen, Rhein
Biotech and Pharming. With over EUR 500 million under management and offices in
Amsterdam, Munich and Boston, LSP is one of Europe's largest and most
experienced specialist life-science investors. For more information please
visit:www.lspvc.com
About NeuroNexus
NeuroNexus is a neurotechnology company that develops and commercializes
advanced brain interface devices for neurological and scientific applications.
The company's proprietary technologies enables placement of sophisticated
microelectronic and fluidic components on the surface of miniaturized brain
probes that can be used to map brain function, to stimulate or modulate
functions in specific brain regions, or to deliver drugs to precisely where they
are needed in the brain. NeuroNexus is a leader in transforming ideas to
technologies, and technologies to innovative products by working at the leading
edges of neuroscience research, sensor technologies, and neurological
applications. NeuroNexus is based in Ann Arbor, Michigan USA. For more
information please visitwww.neuronexus.com
--- End of Message ---
Sapiens Steering Brain Stimulation GmbH
Press Release PDF:
http://hugin.info/147880/R/1520748/457049pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sapiens Steering Brain Stimulation GmbH via Thomson Reuters ONE
[HUG#1520748]