Portfolio News
Neuronetics, maker of device that treats depression with magnetic pulses, raises $30M
Philadelphia Business Journal
John George
1 September 2009
Neuronetics Inc. raised $30 million in a fourth round of venture capital funding Tuesday. The Malvern, Pa., medical-device company makes a device that treats depression with magnetic pulses.
The round was led by a new investor, New Leaf Venture Partners, which has offices in New York and California, and included previous investors Quaker BioVentures in Philadelphia, Investor Growth Capital, Three Arch Partners, Onset Ventures, Interwest Partners and KBL Healthcare Ventures.
"This new investment gives us the resources needed to bring NeuroStar TMS Therapy to the millions of depression patients who are seeking relief from this debilitating disease," said Bruce J. Shook, President and CEO of Neuronetics Inc. "The proceeds will be used to expand our sales and customer support teams, continue development of innovative neuromodulation technologies for the treatment of psychiatric and neurologic disorders, and take the company to profitability."
The NeuroStar system treats depression using MRI-strength magnetic field pulses that stimulate nerve cells in an area of the brain that is linked to depression. The treatment is typically administered daily for four to six weeks.
