DGAP-News: G-Therapeutics / Key word(s): Financing
PRESS RELEASE G-THERAPEUTICS
DISTRIBUTION VERSION, NOT TO BE RELEASED BEFORE TUE APRIL 19, 2016, 8:00 hrs.
G-Therapeutics raises EUR 36 million to develop novel neuro-stimulation therapy for spinal cord injury
Eindhoven, the Netherlands; Lausanne, Switzerland; April 19, 2016 -- G-Therapeutics announces today that it has raised EUR 36 million to develop its novel neuro-stimulation therapy for people with spinal cord injuries (SCI). G-Therapeutics is a spin-off from École Polytechnique Fédérale de Lausanne (EPFL), with offices in Eindhoven, the Netherlands, and Lausanne, Switzerland. An amount of EUR 26 million is raised in a Series A investment round co-led by LSP, INKEF Capital, Gimv and Wellington Partners. In addition, G-Therapeutics has secured a EUR 10 million deferred, risk-bearing 'innovation loan' from the Rijksdienst voor Ondernemend Nederland (RvO, part of Dutch ministry of Economic Affairs) to support the development of its innovative therapeutic solutions.
G-Therapeutics B.V. (G-Therapeutics or the Company) will use the funds to bring a unique, new therapy for improved rehabilitation of spinal-cord injuries from the lab to patients. In particular, the Company is developing a unique, Implantable Neuro-stimulation System (INS) for electrical stimulation of specific areas of the spinal cord and will subsequently perform a multi-center clinical study to obtain regulatory approval.
The Swiss-Dutch Company is building further upon the scientific achievements of Professor Grégoire Courtine, who occupies the International Paraplegic Foundation Chair in Spinal Cord Repair, and his colleagues at the Center for Neuro-prosthetics and Brain Mind Institute, of the Swiss Federal Institute of Technology (EPFL) and at the University Hospital of Vaud (CHUV). For over 15 years, Professor Courtine has been working on unravelling the mechanisms underlying an effective treatment for people with a spinal cord injury affecting the lower limbs. As one of the founders and Chief Scientific Officer of the Company, Professor Courtine comments: "I am delighted that after a decade of dedicated research and all the scientific accomplishments of my team, G-Therapeutics will enable the development of realistic therapeutic solutions for people with spinal cord injury."
There are two unique attributes about this new therapeutic approach: an implantable neuro-stimulation system (INS) for the spinal cord with real-time motion feedback, and intent-driven rehabilitation. The system enables the INS to deliver electrical pulses to the correct nerves at the appropriate timing to facilitate raising and lowering the legs and feet during walking. It was shown by Professor Courtine's team that this combination of neuro-stimulation and will-powered training results in a massive remodelling of residual neural connections, restoring voluntary control over paralysed limbs.
The clinical and regulatory activities of the Company will remain in Lausanne, in the vicinity of the lab of Professor Courtine at EPFL, and CHUV, the academic hospital of Lausanne that will be involved in the clinical studies, under the guidance of Dr Jocelyne Bloch, who is the lead functional neurosurgeon at the CHUV and co-founder of the Company. The INS development activities and general management of the Company will be based at the High Tech Campus, Eindhoven, the Netherlands. Sjaak Deckers, one of the founders and CEO of the Company, remarks: "It is very rewarding to start this unique European endeavor that can bring enormous benefits to these individuals with spinal cord injury. Our international team has all the necessary capabilities to realize Professor Courtine's vision, backed by a strong investor syndicate of highly renowned medical technology investors."
Dirk Kersten, Managing Director at INKEF Capital, notes: "INKEF is excited to be part of the G-Therapeutics story which combines world-class science with a team of proven entrepreneurs led by Sjaak Deckers. It is a great opportunity for INKEF working together again with this talented group of people to build towards continued success."
John de Koning, Partner at LSP, adds: "G-Therapeutics is uniquely positioned to translate an exciting and highly promising technology into products that have the potential to transform the future of spinal cord injury treatment. At LSP, we are looking forward to working once again with this team of experienced professionals, both in the management and at supervisory board level."
After the new financing, the Company's supervisory board will consist of Jan Ohrstrom, former CEO of Profibrix, as Chairman; Patrick Van Beneden, partner at Gimv; Professor Grégoire Courtine; Regina Hodits, general partner at Wellington Partners; Jan Keltjens, Senior Director at INKEF Capital; and John de Koning, partner at LSP.
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For further inquiries, please contact:
Sjaak Deckers, CEO G-Therapeutics: Sjaak.Deckers@gtherapeutics.com +31 622 49 01 04
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2016-04-19 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.