MedTech startup Neuronostics raises over £2m in oversubscribed seed funding spherical – TechToday

The multi-award-winning College of Exeter spinout firm, Neuronostics, has raised 2.1 million GBP in funding to develop its epilepsy prognosis Technology. The profitable spherical of seed funding was led by the Ascension Life Fund.

The brand new funding, together with backing from a gaggle of further buyers together with QantX, the Cornwall and Isles of Scilly Funding Fund managed by The FSE Group and Empirical Ventures, will enable Neuronostics to speed up its path to market within the UK and Center East, whereas additionally looking for regulatory approval from the FDA for the US market.

Chris Wheatcroft, Funding Director on the Ascension Life Fund mentioned: “We’re delighted to have invested in Neuronostics, whose software program as a medical gadget may revolutionise how neurological situations are identified and handled.”

Neuronostics was co-founded by Professor John Terry and Dr Wessel Woldman in 2018. Their analysis is concentrated on the event and software of mathematical and computational methodologies for understanding the dynamics of biomedical programs, with specific pursuits within the transitions between wholesome and unhealthy states within the human mind.

As a part of their work, the corporate are growing a patented biomarker of epilepsy known as BioEP. This digital biomarker reveals options from routinely collected medical recordings which can be at present hidden from medical follow based on the corporate.

These options point out how probably an individual is to have epilepsy, which helps a neurologist in figuring out probably the most applicable subsequent steps and in addition enhances the diagnostic capabilities of EEGs.

Historically, EEGs are utilized in medical settings to visually establish abnormalities indicative of epilepsy, resembling interictal spikes or discharges. Nevertheless, these options are absent in roughly 70% of EEGs, making the prognosis of epilepsy difficult  and usually delayed.

BioEP enhances EEG evaluation by detecting epilepsy-associated options in routine  recordings, even when conventional epileptiform rhythms are absent. This method can velocity up prognosis which means sufferers obtain more practical therapy sooner and relieves downstream pressures by decreasing additional testing.

Neuronostics have acquired an extra 350,000 GBP grant from Innovate UK by means of its Investor Partnerships programme, to develop the BioEP platform.

“Alongside the scientific and medical traction we’ve gained these previous two years, closing this spherical is a transparent sign that our Technology and enterprise mannequin  is commercially sound and scalable in world markets,” mentioned Co-Founders of Neurotronics Professor terry and Dr Woldman. “We’re excited to be working with a number of hospitals within the UK to pilot BioEP, in addition to to generate additional medical proof of its Health financial influence.”

SBRI Health additionally introduced a 100,000 GBP contract to allow a feasibility research to be undertaken that explores the utility of BioEP for epilepsy prognosis in paediatric cohorts.