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Precisis concludes funding round of €20 million for its bioelectric brain stimulation system

·3-min read

DGAP-News: Precisis AG / Key word(s): Financing/Expansion
14.10.2021 / 12:43
The issuer is solely responsible for the content of this announcement.

Heidelberg, Germany, [14 October 2021] - Precisis AG, based in Heidelberg, announced that it has successfully concluded a funding round of €20 million with Cochlear Limited. Precisis is a medical technology company that develops minimally invasive brain stimulation methods to relieve epilepsy patients from their symptoms.

Investment objectives

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 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, is thrilled: "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, added the following: "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."

About EASEE(R)

EASEE(R) stands for Epicranial Application of Stimulation Electrodes for Epilepsy. It is a system offering individualised brain stimulation that is surgically inserted beneath the scalp and positioned over the epileptic origin in the brain with anatomical precision. In other words, the cranial bone is not opened and the brain itself is left untouched.

The thin platelet electrodes are not externally visible and guarantee unrestricted freedom of movement for patients. The therapeutic pulses can be adapted for each patient and optimised on a regular basis over the course of treatment.

Two clinical studies carried out in various European epilepsy centres under the direction of Professor Schulze-Bonhage from Universitätsklinikum Freiburg demonstrated that EASEE(R) is highly effective. The market launch is anticipated for the beginning of 2022.

Epilepsy is one of the world's most common chronic neurological conditions and greatly affects the lives of those who suffer from it. Every third patient has drug refractory epilepsy. This means that he/she shows little response to medication and requires additional, technical or surgical treatments. For these patients, EASEE(R) from Precisis could offer an opportunity for a more effective epilepsy treatment and improve their quality of life.

ABOUT PRECISIS AG

Precisis AG headquartered in Heidelberg specialises in the development of innovative medical devices. Precisis AG stands for outstanding success in the field of instrument-controlled therapies for the brain. In 2015 Precisis raised about EURO 20m in round A from private investors and received remarkable grants from the German Federal Ministry for Research and Education. Through the newly created strategic relationship with Cochlear Precisis gains financial and intangible benefits.

ABOUT COCHLEAR LIMITED

Cochlear is the global leader in implantable hearing solutions. The company has a global workforce of more than 4,000 people and invests more than AUD$180 million each year in research and development. Products include cochlear implants, bone conduction implants and acoustic implants, which healthcare professionals use to treat a range of moderate to profound types of hearing loss.

Since 1981, Cochlear has provided more than 650,000 implantable devices, helping people of all ages, in more than 180 countries, to hear.

For further information about the activities, advances and milestones of Precisis AG, please visit: www.precisis.de

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Press contact:

Piabo PR GmbH

Barbara Eienbach and Julian Krauskopf

precisis@piabo.net


14.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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