ALG advises on global healthtech firm on £5.1m funding round
Our Belfast office has advised global healthtech company Neurovalens on a £5.1m funding round, which will be used to expand on the success of its initial clinical trials and develop its technology’s application for other medical conditions.
Led by Corporate Partner Peter Stafford, the team in Belfast also included solicitors Laura Barron and Tiernan McKeown.
One of the first investments in Northern Ireland by the British Business Bank’s Future Fund, the funding round was led by IQ Capital and also included investment from Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures and Co-Fund II (ERDF) managed by Clarendon Fund Managers.
Neurovalens is an independent global leader in neuro-technology products. Founded in 2015 and dual-headquartered in Belfast and San Diego, its technology was created in collaboration with world renowned research facilities at the University of California San Diego. The vision of the company is to use technology that can influence the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases, without the need for implanted electrodes.
This latest round of funding will be used for clinical trial research and development in the UK and abroad, as well as hiring additional staff. This will facilitate the development of Neurovalens’ technology - which is going through FDA and EU regulatory approvals - towards use as an approved medical treatment around the world. The company is already in the final phase of trials for obesity and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials planned for 2021.
CEO and co-founder of Neurovalens, Dr Jason McKeown said: “We are delighted to receive this investment and support at such a critical time for our business. Our work in the US and the success of the trials we have run to date have demonstrated the potential of our technology and encouraged us to pursue other applications. With this financing and the backing of our investors we can accelerate our mission of delivering effective and non-invasive solutions for some of the most common and debilitating medical conditions.
“As our legal partner for many years ALG has played an important role not only in this funding round, but in our wider journey to date – supporting our business growth and success through best-in-class legal expertise, strategic insight and commercial acumen.”
Corporate Partner Peter Stafford said: “Neurovalens is a tremendous of example of an indigenous firm that has established a growing footprint in the global healthtech sector thanks to its strong commitment to R&D and innovation.
“Despite ongoing challenges owing to the COVID-19 pandemic, we are proud to have the supported company in closing out this funding round at a critical juncture as it enters this exciting new growth phase.”
Date published: 20 July 2020