Mainstay Medical Announces Limited Commercial Launch of ReActiv8® in the U.S.

Official launch includes new website and marketing resources to support physician and patient education

Mainstay Medical Holdings plc (the “Company”) today announced the limited commercial launch in the U.S. of ReActiv8, its implantable Restorative Neurostimulation™ system to treat intractable chronic low back pain. The ReActiv8 system will be available in the U.S. through ReActiv8-certified physicians commencing in the summer of 2021.

“We are delighted to commercially launch ReActiv8 in the U.S. and make this innovative Restorative Neurostimulation therapy available to Americans suffering from intractable chronic low back pain. Supported by more than 10 years of clinical research, ReActiv8 is the only proven neurostimulation system to address mechanical intractable low back pain. Physicians will finally have access to a therapy to treat these patients beyond temporary treatments designed to merely mask the pain for a limited time,” said Jason Hannon, CEO of Mainstay Medical. “We are launching in a limited fashion to ensure we provide proper education to physicians and assist them in selecting the appropriate patients. We look forward to expanding the availability of ReActiv8 across the U.S. over the coming months and building on the momentum we have gained in Europe and Australia to continue to improve the quality of patients’ lives.”

To support the U.S. commercial launch, Mainstay Medical has launched a new corporate website centered around patient and physician education. The new company website can be accessed at: https://www.mainstaymedical.com. In addition to the new website, the Company has introduced updated tools, guidance, and training materials to assist in identifying prospective patients for ReActiv8 therapy, educating physicians on the ReActiv8 system and becoming ReActiv8-certified, and helping patients access ReActiv8 in the U.S. Specific resources include physician training protocols and modules on ReActiv8, educational and marketing collateral, and informative videos that support and further physician education, patient identification, and appropriate product use.

“We are equipping ReActiv8-certified physicians with robust tools and information to enable proper patient identification and education. We expect that these resources will facilitate the identification of strong candidates for ReActiv8 and drive compelling patient outcomes,” added Mr. Hannon.


About Mainstay Medical

Mainstay Medical is a medical device company focused on commercializing an innovative implantable Restorative Neurostimulation™ system, ReActiv8®, for people with disabling mechanical Chronic Low Back Pain (CLBP). The Company is headquartered in Dublin, Ireland and has subsidiaries operating in Ireland, the United States, Australia, Germany and the Netherlands.


About ReActiv8®

ReActiv8 is an active implantable medical device designed to treat adults with intractable chronic low back pain associated with dysfunction of the lumbar multifidus muscle, a key stabilizing muscle of the low back, as evidenced by imaging or physiological testing in adults who have failed therapy (including pain medications and physical therapy) and are not candidates for spine surgery. ReActiv8 provides bilateral electrical stimulation of the L2 medial branch of the dorsal ramus nerve as it crosses the transverse process at L3. Stimulation of this nerve that supplies the multifidus muscle elicits contraction of the muscle which can lead to restoration of control over time, allowing the back to recover from CLBP.

ReActiv8 has a CE Mark allowing for commercialization in the European Economic Area. ReActiv8 has also been admitted to the Australian Register of Therapeutic Goods (ARTG), enabling commercialization throughout Australia, and has been approved for inclusion on the Prostheses List of reimbursed products in Australia, effective as of 1 July 2020. The Prostheses List identifies implantable devices eligible for reimbursement from all private health insurance funds in Australia. In the U.S., ReActiv8 is FDA approved and the Company commercially launched the ReActiv8 system in the summer of 2021.


About Chronic Low Back Pain

One of the root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine. ReActiv8® is designed to electrically stimulate the nerves responsible for contracting these muscles to improve dynamic spine stability, allowing for improvement in CLBP and its disabling effects.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by their CLBP and the resulting days lost from work, disability benefits, and health resource utilization, exert a significant burden on individuals, families, communities, industry and governments.

Further information can be found at www.mainstaymedical.com.

Neurent Medical Expands Leadership Team to Support Advancement of In-Office Chronic Rhinitis Treatment

New Hires Bring Significant ENT and Industry Experience

Neurent Medical, a company pioneering innovative treatments for chronic inflammatory sino-nasal diseases, today announced expansions of its leadership team. The hires bring deep medical device industry and ear, nose and throat-specific experience to the company that will support commercial advancement of Neurent’s proprietary NEUROMARK™ technology, an innovative in-office treatment for chronic rhinitis.


Key hires include:

  • Declan Daly, Chief Financial Officer – Declan brings a wealth of financial leadership to Neurent Medical. As Chief Financial Officer of INAMED Corporation (NASDAQ: IMDC, acquired by Allergan plc) and Fibrocell Science Inc. (NYSE MKT: FCSC), he managed a $3.2 billion M&A transaction and raised in excess of $250 million in financing.

  • Prasad Nalluri, Vice President of Strategic Marketing – Prasad has more than two decades of experience in commercializing ground-breaking ENT technologies, from pre-clinical stage through product launch and growth phases. He has held senior leadership roles in global marketing at large multinational organizations including Medtronic plc (NYSE: MDT) and Smith & Nephew plc (NYSE: SNN), and at ENT startups ENTrigue Surgical Inc. and Aerin Medical Inc.

  • Brent Shreiner, Vice President of Sales – Brent brings extensive expertise in sales leadership serving the ENT industry and has been integral to the success of several medical device startups. Much of Brent’s recent experience consists of building and managing high-performing sales teams in the fast-growing ENT office channel. Brent previously held senior leadership roles with Arrinex Inc. (acquired by Stryker Corp.), Spirox Inc. (acquired by Entellus Medical Inc.), Intersect ENT Inc. (NASDAQ: XENT) and Access Closure Inc. (acquired by Cardinal Health Inc.).


Additional team members have recently joined the Neurent Medical leadership team to support the advancement of NEUROMARK and Neurent Medical’s rich R&D pipeline. These new team members will be integral to executing on the company’s vision to transform the treatment of inflammatory sino-nasal diseases.


“There are two vital components to a successful business: an innovative solution to an unmet need, and a motivated team that is focused on fulfilling that need,” said Brian Shields, CEO and co-founder of Neurent Medical. “Our technology carries potential to improve the quality of life for patients suffering from chronic rhinitis, and we are making significant strides in cultivating a team that will bring our innovation into the hands of clinicians. Declan, Prasad, Brent and the entire team at Neurent Medical are real change-makers in the industry, and I couldn’t be more honored to have some of the brightest industry experts supporting our mission.”


About Neurent Medical

Neurent Medical is pioneering innovative treatments for chronic inflammatory sino-nasal diseases by targeting and safely disrupting hyperactive autonomic nerves that drive underlying inflammation. Its proprietary NEUROMARK™ technology is the world’s first multi-point nerve disruption therapy for rhinitis. With a unique design and advanced algorithmic control, physicians can precisely target and safely disrupt multiple underlying nerve branches in a single procedure to alleviate symptoms and improve patient quality of life. The venture capital-backed company is headquartered in Galway, Ireland. For more information visit www.neurentmedical.com.

Inotrem adds a new strategic asset to its immunotherapy anti-TREM-1 drug pipeline

Inotrem announces start of development and the filing of a patent for its new anti-TREM-1 monoclonal antibody to target chronic inflammatory diseases

Inotrem, an advanced clinical stage biotech company specialized in immunotherapies for acute and chronic inflammatory syndromes, announced today that it has filed a patent to protect a new therapeutic modality against TREM-1, a monoclonal antibody.

The filing of this monoclonal antibody patent is a significant milestone for Inotrem’s strategic development as it represents the company’s second asset, next to nangibotide, and a further diversification of its drug portfolio. Moreover, by modulating the activity of the TREM-1 pathway over extended periods of time, this therapeutic modality offers a new and promising alternative for the treatment of chronic inflammatory diseases.

TREM-1 is an immunoreceptor initially discovered for its role in the pathophysiology of acute inflammatory syndromes and in particular septic shock. Since its inception in 2013, Inotrem has introduced the therapeutic peptide nangibotide into the clinics for acute inflammatory syndromes secondary to severe infections. Two Phase IIB clinical trials are currently ongoing in septic shock and COVID-19 patients. Since its discovery in 2000, an increasing number of research work indicated the implication of the therapeutic target TREM-1 in not only acute inflammatory diseases but also in the development of chronic inflammation. Pioneering these approaches, Inotrem initiated in 2019 a proprietary research and discovery program to identify a new modality against TREM-1 in the form of a therapeutic monoclonal antibody, with pharmacological properties suitable for the management of chronic indications.

“Inotrem’s research team’s exceptional commitment is at the core of today’s success. Adding a monoclonal antibody to our therapeutic modalities targeting the TREM-1 pathway now allows us to expand our development efforts beyond the current acute indications to also address chronic inflammatory syndromes with a high unmet medical need” said Marc Derive, co-founder and Chief Scientific Officer of Inotrem.

“Today’s announcement constitutes a key advancement for Inotrem. This new patent application demonstrates the company’s ability to deploy its vision and strategy. Through its proprietary technology platform addressing inflammatory diseases, it has the potential to develop treatments in a wide number of inflammatory indications, both acute and now chronic, for which there are today no or limited specific treatment. We are looking forward to the clinical development progress of this new asset, with preclinical development slated to start later this year”, said Jean-Jacques Garaud, Executive Vice-President, Head of Scientific and Medical Affairs and Inotrem’s co-founder

Chronic inflammatory diseases are inflammatory-driven diseases of the digestive system, joints, skin, respiratory system, kidneys, and various other organs. Most of them have no cure, and new biologics have recently reached the market to target inflammation. But there are still a high number of non-responders to these innovative drugs, and therefore a very significant unmet medical need.


About Inotrem

Inotrem S.A. is an advanced clinical stage biotech company specialized in immunotherapy for inflammatory syndromes. The company has developed a new concept of immunomodulation that targets the TREM-1 pathway to control unbalanced inflammatory responses. Through its proprietary technology platform, Inotrem has developed the first-in-class TREM-1 inhibitor, nangibotide, with potential applications in a number of therapeutic indications such as septic shock and COVID-19. In parallel, Inotrem has launched a program to develop new therapeutic modalities targeting chronic inflammatory diseases. The company was founded in 2013 by Dr. Jean-Jacques Garaud, a former head of research and early development at the Roche Group, Prof. S bastien Gibot and Dr. Marc Derive. Inotrem is supported by leading European and North American investors. For more information please visit: www.inotrem.com


About TREM-1 pathway

TREM-1 pathway is an amplification loop of the immune response that triggers an exuberant and hyperactivated immune state which is known to play a crucial role in the pathophysiology of septic shock and acute myocardial infarction.


Media contact for Inotrem

Anne REIN
S&I
anne.rein@strategiesimage.com
+33 6 03 35 92 05

Inotrem announces positive outcome of interim futility analysis for its Phase IIB ASTONISH trial in septic shock patients to demonstrate nangibotide efficacy

  • Independent Data Monitoring Committee recommends continuation of the trial with no changes.

  • This milestone triggers the payment of the second tranche of €17M of the Series B financing.

Inotrem, an advanced clinical stage biotech company specialized in immunotherapies for acute and chronic inflammatory syndromes, announced today that the ASTONISH Independent Data Monitoring Committee (IDMC) completed the planned safety and efficacy assessment for futility of the company’s ongoing Phase IIB ASTONISH trial in septic shock patients.


The ASTONISH Phase IIB study aims at demonstrating safety and clinical efficacy of nangibotide in septic shock patients. It is a global, multicentric study conducted in 48 centers. Four hundred and fifty patients are planned to be enrolled in this study. The study compares the effect of nangibotide at two different doses versus standard of care. The futility analysis has been conducted on the first 225 patients enrolled. The primary endpoint for futility analysis was the delta SOFA score between the treatment groups and the standard of care/placebo group at day 5. A delta of 1 to 1.5 was observed in a previous Phase IIa trial in a subpopulation of septic shock patients with high concentration of soluble TREM-1, a mechanism-based biomarker. In addition, the ASTONISH study intends to validate a personalized medicine approach using soluble TREM-1 as potential companion diagnostic test to identify patients more likely to benefit from nangibotide treatment.


The IDMC’s decision marks a significant milestone for Inotrem’s development as it triggers the payment of the second tranche of 17 M€ of the Series B financing raised in 2020 from top-tier international investors.


“We are pleased with the IDMC's recommendation to continue the ASTONISH trial as it advances our understanding of the safety, tolerability and efficacy of nangibotide, our lead drug candidate, for septic shock patients. It is an important step toward establishing a potential new treatment for septic shock, a severe and often fatal condition for which there are currently no specific targeted therapies”
, said Jean-Jacques Garaud, Executive Vice-President, Head of Scientific and Medical Affairs and Inotrem’s co-founder.


“We look forward to sharing updates from the ASTONISH trial in the coming months. The payment of this €17M tranche strengthens our strategic ability to move towards the completion of our the septic shock program as well as the active development of our drug pipeline in chronic inflammatory conditions”,
said Sven Zimmermann, CEO of Inotrem.


Septic shock is the ultimate complication of sepsis and currently constitutes a high unmet medical need. It represents a significant economic burden for the European healthcare system. Recent works have also emphasized the health economic impact of long term patients’ outcomes; indeed 30% of septic shock survivors are re-hospitalized in the three months following a first shock and between 20% and 30% have long term morbidities at twelve months. The incidence of septic shock is bound to increase as the population ages, leading to a rise in ICU admissions. Elderly patients are predisposed to septic shock due to existing co-morbidities, repeated and prolonged hospitalizations, reduced immunity, functional limitations and as well as the effects of aging itself. Europe is therefore poised to see a continuous rise in septic shock in the coming decades. We estimate that by 2025 the incidence of septic shock in Europe will be as high as 500,000 cases leading to 150,000 deaths per year. There is currently no specific therapy approved for this indication besides antibiotics and symptomatic treatment. Inotrem’s solution is based on a novel approach of immunomodulation which targets the TREM-1 pathway: a crucial mediator of the septic shock and has the potential to become the first mechanism-based treatment for septic shock.

About Inotrem

Inotrem S.A. is an advanced clinical stage biotech company specialized in immunotherapy for inflammatory syndromes. The company has developed a new concept of immunomodulation that targets the TREM-1 pathway to control unbalanced inflammatory responses. Through its proprietary technology platform, Inotrem has developed the first-in-class TREM-1 inhibitor, nangibotide, with potential applications in a number of therapeutic indications such as septic shock and COVID-19. In parallel, Inotrem has launched a program to develop new therapeutic modalities targeting chronic inflammatory diseases. The company was founded in 2013 by Dr. Jean-Jacques Garaud, a former head of research and early development at the Roche Group, Prof. Sébastien Gibot and Dr. Marc Derive. Inotrem is supported by leading European and North American investors. For more information please visit: www.inotrem.com


Media contact for Inotrem

Anne REIN
S&I
anne.rein@strategiesimage.com
+33 6 03 35 92 05

Vivasure Medical Begins Clinical Evaluation of Next-Generation PerQseal+ Device

Vivasure Medical® today announced the first patient was enrolled in the Frontier V study, a European multicenter study evaluating PerQseal®+, the next generation of the company’s PerQseal® device.

The patient was enrolled by Dr. Fernando Gatto, head of cardiac catheter labs and senior interventional cardiologist at SHG-Kliniken Völklingen in Völklingen, Germany and investigator of the study. The study will evaluate the company’s next-generation PerQseal+ device with an enhanced bioabsorbable patch designed to address more complex patient anatomies.

The company’s PerQseal device is the first sutureless, fully absorbable synthetic implant for large-bore vessel punctures. PerQseal is currently available to physicians in Europe for use in novel transcatheter endovascular procedures, including transcatheter aortic valve replacement (TAVR), thoracic endovascular aneurysm repair (TEVAR), and endovascular abdominal aneurysm repair (EVAR), that require large-bore vessel access. The enhanced PerQseal+ device is intended to provide physicians with an even more robust solution for managing challenges and bleeding complications associated with large-bore closure.

“PerQseal+ is a promising potential advancement for providing simple and sutureless closure for large-bore vascular procedures,” said Dr. Gatto. “Rapid and secure vessel closure has remained a high priority for interventional cardiologists as more and more structural heart procedures transition to fully percutaneous approaches. Vascular complications remain a significant challenge for TAVR, and these complications are associated with more adverse events and increased costs. I am honored to participate in this study because PerQseal+ may help elevate the standard of care for our patients.”

“The current generation of the PerQseal device has proven to be a reliable and valuable addition to our tool chest for large bore closure,” said Dr. Christian Frerker, head of structural heart disease and senior cardiologist at the University of Schleswig-Holstein in Lübeck, Germany, and principal investigator of the Frontier V study. “This study will provide us with a better understanding of PerQseal+’s potential benefits in our growing complex patient population.”

“Enrolling the first patient in the Frontier V study is an exciting milestone in Vivasure’s mission to ensure success for percutaneous cardiovascular therapies,” said Andrew Glass, CEO of Vivasure. “The original PerQseal device has been well-received by clinicians since it became available in Europe because it helps address the complications and risks associated with access-site management for large-bore procedures. The enhanced PerQseal+ device promises to build on that success by enabling even better patient outcomes.”

Inotrem bolsters leadership team with the appointment of Sven Zimmermann as new CEO

Inotrem, an advanced clinical stage biotech company specialized in immunotherapies for acute and chronic inflammatory syndromes, announced today the appointment of Sven Zimmermann as Chief Executive Officer, effective April 19th, 2021. Sven brings an extensive leadership experience in biotech companies’ financial and corporate strategy.

Jean-Jacques Garaud, who co-founded Inotrem and successfully led the company over the last 6 years, will continue to play a key role in the development of the company as Executive VP, Head of Scientific and Medical Affairs.


Prior to joining Inotrem, Sven served as Chief Financial Officer at MetrioPharm, a Swiss biopharmaceutical company. He benefits from a wide-ranging international experience in corporate finance, M&A and private and public fund raisings. He has been involved in several recent exits such as Novimmune’s asset sale to Swedish Orphan Biovitrum, Auris Medical’s IPO on Nasdaq as well as the acquisition of PregLem by Gedeon Richter. Prior to this, Sven worked for UBS Investment Bank and holds a PhD in molecular biology from the University of Zurich.


“We are excited that Sven is coming onboard. He brings a broad set of experiences in the development of advanced clinical biotech companies. With his successful financial and corporate strategy track record, and his deep understanding of the immunomodulation field, he has the ideal profile to lead Inotrem’s next phase of strategic growth,” says Thierry Hercend, Chairman of the Board of Directors at Inotrem.


“I am delighted to have been given the opportunity to lead Inotrem through its next growth phase. Its concept of immunomodulation targeting the TREM-1 pathway to control unbalanced inflammatory responses is very innovative and allows for potential treatments for many indications. I am also looking forward to work with Jean-Jacques Garaud as a visionary co-founder and Inotrem’s talented team to bring targeted therapeutic solutions to patients with inflammatory diseases, both acute as well as chronic,” says Sven Zimmermann.


“Over the past few years, the team has accomplished a remarkable work. Thanks to its dedication, the company achieved numerous milestones and successfully diversified its portfolio focused on the role of the TREM-1 pathway in innate and also adaptive immunity. Today, Inotrem is in an extremely favorable position as it engages its next stage of growth focusing on product development and making regulatory advances. I look forward to contributing to Inotrem’s continued success” says Jean-Jacques Garaud.


Based in Paris with a Research Center in Nancy, Inotrem today employs 20 people with the support of leading European and North American investors. Its lead product candidate, nangibotide, currently undergoes two Phase II clinical trials. One is the Phase IIb ASTONISH trial 450 in Patients with Septic Shock being performed in 50 clinical sites in Europe and the US. The second Phase II trial with nangibotide targets the severe forms of COVID-19 in initially 60 patients in 7 sites globally. The latter was declared “National Priority Research” by the French government. In addition, Inotrem is also developing an antibody program for chronic inflammatory diseases and immuno-oncology applications. Moreover, the company has secured a strategic licensing agreement with Roche Diagnostic for a companion diagnostics test to stratify septic shock patients. Inotrem was recently chosen for the second year in a row, to join the French Tech 120, a government program dedicated to support the development of fast-growing startups.


About Inotrem

Inotrem S.A. is an advanced clinical stage biotech company specialized in immunotherapy for inflammatory syndromes. The company has developed a new concept of immunomodulation that targets the TREM-1 pathway to control unbalanced inflammatory responses. Through its proprietary technology platform, Inotrem has developed the first-in-class TREM-1 inhibitor, nangibotide, with potential applications in a number of therapeutic indications such as septic shock and COVID-19. In parallel, Inotrem has launched a program to develop new therapeutic modalities targeting chronic inflammatory diseases. The company was founded in 2013 by Dr. Jean-Jacques Garaud, a former head of research and early development at the Roche Group, Prof. Sébastien Gibot and Dr. Marc Derive. Inotrem is supported by leading European and North American investors.

For more information please visit: www.inotrem.com


Media contact for Inotrem

Anne REIN
Strategies & Image (S&I)
anne.rein@strategiesimage.com
+33 6 03 35 92 05

XyloCor Therapeutics Completes Oversubscribed $41.9 Million Series A Financing To Advance Novel Gene Therapy Pipeline For Coronary Artery Disease

  • Company closes additional $22.6 million in new financing 

  • Proceeds will fund initiation of new clinical trial for lead gene therapy candidate XC001 as adjunctive therapy for patients undergoing coronary artery bypass graft surgery 

XyloCor Therapeutics, a private clinical-stage biopharmaceutical company focused on the development of gene therapy for the significant unmet patient needs in advanced coronary artery disease, today announced the closing of an additional $22.6 million financing. Fountain Healthcare Partners led the oversubscribed financing joined by new investors Longwood Fund and Lumira Ventures. All existing institutional investors including Sofinnova Investments and LSP (Life Sciences Partners) participated in the financing. The additional financing builds upon XyloCor’s 2018 Series A financing round, bringing total investment in the company to $41.9 million to date. XyloCor’s lead product candidate, XC001, is an investigational gene therapy currently being studied in a Phase 1/2 clinical trial (EXACT) for patients with refractory angina, a chronic condition for which there are no treatment options.

The financing will enable XyloCor to expand its clinical development program for XC001, including the initiation of a new trial of XC001 as a potential adjunctive therapy to augment the effectiveness of coronary artery bypass graft surgery (CABG). XyloCor is at the forefront of scientific research and clinical study in the application of gene therapy to address vast unmet treatment needs in large patient populations with cardiovascular disease. In both its initial potential indication in refractory angina, and as an adjunctive therapy for patients undergoing CABG, XC001 represents a novel therapeutic approach.

“We greatly appreciate the recognition by Fountain Healthcare Partners, Longwood Fund, and Lumira Ventures of the value we have created since our initial funding and in XC001’s enormous potential for improving the lives of patients with advanced coronary disease,” said Al Gianchetti, president and chief executive officer of XyloCor Therapeutics. “With the support of our investors, we can build on the progress we have made since our initial funding to pursue, with a sense of urgency, new clinical indications where XC001 has promise for addressing unmet medical needs.”

“XyloCor has created significant value with XC001 with the progress the team has achieved on clinical and CMC milestones. Based on our experience, excellence on both fronts is critical to success in the gene therapy field,” said Aidan King, managing partner and co-founder, Fountain Healthcare Partners, who also joined XyloCor’s board of directors. “We are gratified that this additional capital accelerates XC001’s development and expands its potential impact to the significant unmet need among CABG patients who are at high risk for incomplete revascularization.”

Board of Directors Additions

Joining Mr. King as a member of the XyloCor board of directors is Daniel Hétu, M.D., managing director, Lumira Ventures, and Perry Nisen, M.D., Ph.D., executive partner, Sofinnova Investments. Alan Colowick, M.D., MPH, will now serve an independent board member of XyloCor.

About XC001

XC001 is an investigational gene therapy designed to promote the growth of new blood vessels in the heart, with these new blood vessels bypassing diseased blood vessels and improving blood flow in the heart. XC001 deposits the gene for vascular endothelial growth factor (VEGF) in targeted heart cells. VEGF is a naturally occurring protein and it is believed that XC001 enables the heart cells to produce more VEGF, thus stimulating the creation of new blood vessels, a process called angiogenesis. XC001 has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for study in refractory angina. An Investigational New Drug (IND) application for XC001 is open with the FDA. XyloCor commenced the EXACT Trial, a Phase 1/2 study of XC001 in chronic refractory angina in 2020.


The EXACT Trial

The EXACT clinical trial is a Phase 1/2 multicenter, open-label, single arm, dose escalation trial. Approximately 12 subjects (n=3 per cohort) who have refractory angina will be enrolled into 4 ascending dose groups, followed by an expansion phase of the trial with 21 additional subjects at the highest tolerated dose. The trial is designed to assess the safety and efficacy of XC001. The investigational gene therapy will be administered directly to the muscle tissue of the heart by an experienced cardiac surgeon. The EXACT Trial was initiated in 2020 and is ongoing at top cardiovascular research sites across the United States.


About Chronic Refractory Angina

Chronic angina pectoris occurs when the heart muscle does not receive as much oxygen as it needs for the amount of work it is performing, and this often results in chest pain. This is usually due to coronary artery disease. Patients with chronic angina who are symptomatic despite optimal medical therapy and are no longer eligible for mechanical interventions like percutaneous coronary intervention (PCI) and CABG have refractory angina and currently have no treatment options. These patients often become sedentary because of their symptoms, which in turn can exacerbate comorbidities and severely impact quality of life causing further deterioration of their health status. An estimated one million people suffer from refractory angina in the United States.


About Coronary Artery Bypass Graft Surgery (CABG)

CABG is a procedure used to treat coronary artery disease – the narrowing or blockage of the blood vessels that supply oxygen and nutrients to the heart muscle. During CABG, a healthy artery or vein from the body is connected, or grafted, to the blocked coronary artery. The grafted artery or vein bypasses the blocked portion of the coronary artery. This creates a new passage, and oxygen-rich blood is routed around the blockage to the heart muscle. Approximately 500,000 CABG procedures are performed annually in the United States, in which an estimated one-third of patients are at risk for incomplete coronary revascularization, often resulting in persistent angina. An adjunctive treatment to CABG, such as gene therapy with XC001, may reduce the incidence of incomplete revascularization.


About XyloCor

XyloCor Therapeutics is a biopharmaceutical company focused on the development of novel gene therapy for unmet needs in advanced coronary artery disease. In the United States, coronary artery disease is a leading cause of death and disability. The company’s lead product candidate, XC001, is in clinical development to investigate use for patients with refractory angina for which there are no treatment options. XyloCor also has a second preclinical investigational product, XC002, in discovery stage, being developed for the treatment of patients with cardiac tissue damage from heart attacks. The company, which was co-founded by Ronald Crystal, MD, and Todd Rosengart, MD, has an exclusive license from Cornell University. For more information, visit www.xylocor.com.

Media Contact:

Mike Beyer
Sam Brown Inc.
mikebeyer@sambrown.com
312-961-2502

Mainstay Medical Announces Commercial Launch of ReActiv8® in Australia

Mainstay Medical Holdings plc (“Mainstay” or the “Company”) today announced the commercial launch in Australia of ReActiv8®, its implantable neurostimulation system to treat chronic low back pain.

Launching ReActiv8, our Restorative Neurostimulation therapy, commercially in Australia is a significant milestone for our global commercial expansion. Several top Australian physicians have been part of our clinical studies since inception and are among the most experienced globally in selecting and treating patients with ReActiv8. We are excited to make ReActiv8 commercially available to Australian physicians and their patients suffering from mechanical chronic low back pain,” said Jason Hannon, CEO of Mainstay.

The first commercial ReActiv8 implant in Australia was conducted by Associate Professor Bruce Mitchell, Sports and Interventional Pain Physician and Director of Metro Pain Group in Melbourne, Australia.

Having been involved in both the ReActiv8-A and -B Clinical Trials, I am excited to be able to expand this restorative therapy to other patients in my practice. The launch in Australia is a great milestone for ReActiv8 and, ultimately, the patients that suffer from chronic mechanical low back pain who now have a new treatment option,” said Associate Professor Bruce Mitchell.

About ReActiv8

ReActiv8 is an active implantable medical device designed to treat adults with intractable chronic low back pain associated with dysfunction of the lumbar multifidus muscle, a key stabilizing muscle of the low back, as evidenced by imaging or physiological testing in adults who have failed therapy, including pain medications and physical therapy, and are not candidates for spine surgery. ReActiv8 provides bilateral electrical stimulation of the L2 medial branch of the dorsal ramus nerve as it crosses the transverse process at L3. Stimulation of this nerve that supplies the multifidus muscle elicits contraction of the muscle which can lead to restoration of control over time, allowing the back to recover from CLBP.

The ReActiv8 Restorative Neurostimulation therapy has a CE Mark allowing for commercialization in the European Economic Area and has been focused on building clinical validation in Germany in select centers ahead of wider commercial availability. ReActiv8 has also been admitted to the Australian Register of Therapeutic Goods (ARTG), enabling commercialization throughout Australia, and has been approved for inclusion on the Protheses List of reimbursed products in Australia, effective as of 1 July 2020. The Prostheses List identifies implantable devices eligible for reimbursement from all private health insurance funds in Australia. In the U.S., ReActiv8 is FDA approved and the Company plans to commercially launch in early 2021.

About Chronic Low Back Pain

One of the root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles to improve dynamic spine stability, allowing for improvement in CLBP and its disabling effects.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety, and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilization put a significant burden on individuals, families, communities, industry, and governments.

About Mainstay

Mainstay is a medical device company focused on commercializing an innovative implantable Restorative Neurostimulation system, ReActiv8®, for people with disabling mechanical chronic low back pain (“CLBP”). The Company is headquartered in Dublin, Ireland and has subsidiaries operating in the United States, Australia, Germany, and the Netherlands.

Further information can be found at www.mainstay-medical.com

Mainstay Medical Announces US$108 Million Equity Financing Transaction

Funding to support U.S. commercial launch and global expansion

Mainstay Medical Holdings plc (“Mainstay” or the “Company”) today announced the closing of an equity financing in which it raised gross proceeds of US$108 million. Mainstay intends to use the funds to support the company’s commercial launch of ReActiv8® in the U.S., continued expansion in Europe and Australia, additional post-market clinical studies and research, and general operations.

The financing was co-led by new investors Ally Bridge Group and Sofinnova Partners, through its Crossover Fund, and also included a large, global medical device company. Key existing investors who participated in the financing include Sofinnova Partners (Capital Fund), KCK Group and Fountain Healthcare Partners.

Jason Hannon, CEO of Mainstay, commented: “A financing of this magnitude, supported by such a quality global investor group, is testament to the confidence in the commercial opportunity for ReActiv8. We are now strongly capitalized to execute on our corporate objectives in 2021 and beyond, including the launch of ReActiv8 in the U.S. market and acceleration of our commercialization efforts in Europe and Australia.”

“This is an exciting time for Mainstay as they bring to market a restorative therapeutic option for patients suffering from disabling chronic low back pain,” said Charles Chon, Partner and Managing Director at Ally Bridge Group, who also joins the Mainstay Medical Board of Directors. “We commend the Company on all the progress it has achieved to-date and look forward to supporting it going forward.”

Cédric Moreau, Partner at Sofinnova Partners, who also joins the Company’s Board of Directors, commented: “We are thrilled to co-lead such a strong syndicate of investors in fuelling Mainstay’s commercial acceleration to make its first-in-class neurostimulation technology available in the U.S. and more extensively worldwide.”

An extraordinary general meeting of Mainstay shareholders was held on 9 February 2021 to approve the financing and related matters. At the EGM, all resolutions were duly passed. The results of the voting on each of the resolutions is available on the Company’s website.

About Mainstay

Mainstay is a medical device company focused on commercializing an innovative implantable restorative neurostimulation system, ReActiv8®, for people with disabling mechanical Chronic Low Back Pain (“CLBP”). The Company is headquartered in Dublin, Ireland and has subsidiaries operating in the United States, Australia, Germany and the Netherlands.

About ReActiv8

ReActiv8 is an active implantable medical device designed to treat adults with intractable chronic low back pain associated with dysfunction of the lumbar multifidus muscle, a key stabilizing muscle of the low back, as evidenced by imaging or physiological testing in adults who have failed therapy, including pain medications and physical therapy, and are not candidates for spine surgery. ReActiv8 provides bilateral electrical stimulation of the L2 medial branch of the dorsal ramus nerve as it crosses the transverse process at L3. This nerve supplies the multifidus muscle to elicit contraction of the muscle which can lead to restoration of control over time, allowing the back to recover from CLBP.

ReActiv8 has a CE Mark allowing for commercialization in the European Economic Area and has been focused on building clinical validation in Germany in select centers ahead of wider commercial availability. ReActiv8 has also been admitted to the Australian Register of Therapeutic Goods (ARTG), enabling commercialization throughout Australia, and has been approved for inclusion on the Protheses List of reimbursed products in Australia, effective as of 1 July 2020. The Prostheses List identifies implantable devices eligible for reimbursement from all private health insurance funds in Australia. In the U.S., ReActiv8 is FDA approved and the Company plans to commercially launch in early 2021.

About Chronic Low Back Pain

One of the root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles to improve dynamic spine stability, allowing for improvement in CLBP and its disabling effects.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilization put a significant burden on individuals, families, communities, industry and governments.

Further information can be found at www.mainstay-medical.com

Forward looking statements

This announcement includes statements that are, or may be deemed to be, forward looking statements. These forward looking statements can be identified by the use of forward looking terminology, including the terms “anticipates”, “believes”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “should”, “will”, or “explore” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts. They appear throughout this announcement and include, but are not limited to, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s plans to commercialize ReActiv8 in the United States, the U.K., Australia and elsewhere; the commercial performance of ReActiv8; and the Company’s results of operations, financial position, prospects, financing strategies, expectations for product design and development, regulatory applications and approvals, reimbursement arrangements, costs of sales and market penetration and other commercial performance.

By their nature, forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward looking statements are not guarantees of future performance, and actual results may differ materially from those described in, or suggested by, the forward looking statements contained in this announcement. In addition, even if future results and developments are consistent with the forward looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments of the Company to differ materially from those expressed or implied by the forward looking statements, including, without limitation, the successful launch and commercialization of ReActiv8, general economic and business conditions, global medical device market conditions, industry trends, competition, the availability and cost of capital, changes in law or regulation, changes in taxation regimes, the time required to commence and complete clinical trials, the time and process required to obtain regulatory approvals, currency fluctuations, changes in its business strategy, and political and economic uncertainty. The forward-looking statements herein speak only at the date of this announcement.

Syndesi Therapeutics Announces Positive Results From Two Additional Phase I Studies Of Its Novel SV2A modulator SDI-118

Provides strong support for the initiation of further clinical trials in cognitive impairment

Syndesi Therapeutics SA, a clinical stage biotechnology company developing novel modulators of the synaptic vesicle protein SV2A for the treatment of cognitive impairment, announces results from two Phase I studies of its lead compound SDI-118, supporting further development of this promising molecule.

Results from a multiple ascending dose study demonstrated SDI-118 was safe and well tolerated over 14 days dosing in both young and elderly male and female participants. The highest dose tested is calculated to result in greater than 95% SV2A occupancy. Furthermore, the compound showed a very favourable pharmacokinetic profile and is suitable for once-daily dosing.

The second Phase I study investigated the effects of single doses of SDI-118 on electroencephalogram (EEG) recordings of brain activity in healthy young volunteers. The compound produced a unique profile of changes in quantitative EEG relative frequency power, consistent with the novel mechanism of action. These functional data complement the PET target engagement data generated in the first-in-human clinical study previously conducted. SDI-118 was also shown to be safe and well tolerated in this study.

The company is now preparing two further clinical studies of SDI-118 in two groups of subjects. One study will recruit participants in remission from major depressive disorder reporting cognitive impairment. The second study will recruit elderly subjects with evidence of cognitive decline. Both studies will employ fMRI imaging in addition to cognitive testing to explore the effect of SDI-118 on the cognitive deficits seen in these populations. These studies are planned to commence during H1 2021.

Commenting on the Phase I results and further clinical development plan for SDI-118, Jonathan Savidge CEO of Syndesi said “These clinical study results are very promising and provide an excellent basis for the further development of SDI-118. We look forward to commencing the two proof-of-principle clinical studies in different populations of subjects reporting a cognitive deficit with the aim to explore the therapeutic potential of SDI-118 as broadly as possible.”

About Syndesi Therapeutics

Syndesi Therapeutics is a clinical stage biotechnology company pioneering the development of novel therapeutics that modulate synaptic function to relieve the symptoms of cognitive impairment. Synaptic dysfunction, with the consequent disruption of connectivity between brain regions, underlies cognitive impairment seen in multiple CNS disorders, including Alzheimer’s Disease and schizophrenia. There is a major unmet need for new therapies that can improve cognitive function across these various CNS disorders. Unlike other therapeutic approaches, our unique molecules act pre-synaptically to enhance synaptic efficiency by positively modulating the function of synaptic vesicle protein 2A (SV2A) which plays a central role in regulating synaptic transmission. The lead molecule, SDI-118, has successfully completed three Phase I studies including PET target engagement and biomarker measures.

The company is financed by a syndicate of international and Belgian investors: Novo Holdings, Fountain Healthcare, Johnson & Johnson Innovation – JJDC, Inc., SRIW (Société Régionale d’Investissement de Wallonie), V-Bio Ventures and Vives Fund, along with UCB Ventures. The Phase I program has been supported in part by funding from the Walloon Region.

Mainstay Medical Announces Key Strategic Hires to Drive Global Commercial Expansion

Appointments to support upcoming commercial launch of ReActiv8® in the U.S. and foster further growth in Europe and Australia

Mainstay Medical Holdings plc (“Mainstay” or the “Company”) today announced recent senior leadership additions as part of its global commercial strategy. These include: Elias Tu as Vice President of U.S. Sales; Derek Matteo as Vice President of Marketing; James Knibbs as Vice President of UK, Ireland, and Australia; Boris Deutschmann as Country Manager for Germany; Chip Moebus as Vice President of Reimbursement and Market Access; Richard Herman as Vice President of Operations; and Celia Reyes as Vice President of Human Resources.

“We continue to demonstrate the clinical value ReActiv8 brings to patients and are preparing to expand the availability of this compelling therapy in multiple countries. Each of these individuals brings incredible leadership and experience to help build our commercial capabilities, expand in our existing markets, and launch in the U.S.,” commented Jason Hannon, CEO of Mainstay. “Each of them is experienced in bringing disruptive new technologies to the market and will help us deliver ReActiv8 to patients suffering from mechanical chronic low back pain and the physicians treating this condition. Collectively they complement the existing strong leadership we already have and will leverage the deep history of clinical and scientific leadership we’ve developed.”

Appointee Biographies:

Prior to his new role at Mainstay, Elias Tu served as global commercial leader in the neurology division at Philips Healthcare. He also has over 13 years of sales experience at LivaNova, a medical device company specializing in devices used for cardiac surgery and neuromodulation. From 2016 to 2019, Mr. Tu served as Vice President of Sales for Neuromodulation in North America at LivaNova where he attained $350 million in annual sales.

Since 2008, Derek Matteo has led Global Marketing and Global Commercial Development teams in the Orthopedic and Spine healthcare industry. Most recently while at NuVasive, he served as Vice President of Global Technology Commercialization, scaling new innovations in the United States, Latin America, Europe, Australia, and across Asia.

James Knibbs brings extensive experience in sales leadership in implantable devices. He was a Territory Sales Manager at Stryker Instruments, followed by several roles over approximately nine years at Nevro. At Nevro, he rose from Business Development Manager for North UK to UK Country Manager, and ended his time there as Senior Area Director for Western Europe.

Boris Deutschmann possesses over 10 years of experience in the Neuromodulation sector. Previously, he worked at Nevro for over six years, spending the latter part of his time there as Country Manager for Germany and Austria.

Chip Moebus has been in the health care industry for over 20 years serving in multiple roles ranging from field sales leadership to leading teams focused on managed markets and health economics at both Medtronic and Senseonics. Before joining Mainstay Medical, he was part of the senior leadership team at Senseonics where he led commercial and Medicare coverage and payment strategy and execution for the first implantable continuous glucose monitor in the US market.

With over 20 years of field experience in operations management, Richard Herman contributes broad expertise that will be essential for the expansion of operational activities at Mainstay. Previously, he served as Vice President of Global Operational Excellence at Smith & Nephew, a British multinational medical device company. Mr. Herman previously held the position of Senior Director Lean Enterprise of Global Operations at Alere, Inc., a global manufacturer of rapid point-of-care diagnostic tests.

Celia Reyes possesses extensive global Human Resources experience and knowledge in the Life Sciences industry. She served as Executive Human Resources Director at Acadia Pharmaceuticals, Inc., and previously worked as Executive Vice President of Human Resources at Biotix Holdings Inc., as well as other key human resources positions at Millipore Sigma, Roche, and Solvay Pharmaceuticals.

About Mainstay Medical Holdings

Mainstay Medical Holdings is a medical device company focused on commercializing an innovative implantable restorative neurostimulation system, ReActiv8®, for people with disabling mechanical Chronic Low Back Pain (CLBP). The Company is headquartered in Dublin, Ireland and has subsidiaries operating in Ireland, the United States, Australia, Germany and the Netherlands.

About ReActiv8

ReActiv8 is an active implantable medical device designed to treat adults with intractable chronic low back pain associated with dysfunction of the lumbar multifidus muscle, a key stabilizing muscle of the low back, as evidenced by imaging or physiological testing in adults who have failed therapy, including pain medications and physical therapy, and are not candidates for spine surgery. ReActiv8 provides bilateral electrical stimulation of the L2 medial branch of the dorsal ramus nerve as it crosses the transverse process at L3. This nerve supplies the multifidus muscle to elicit contraction of the muscle which can lead to restoration of control over time, allowing the back to recover from CLBP.

ReActiv8 has a CE Mark allowing for commercialization in the European Economic Area and has been focused on building clinical validation in Germany in select centers ahead of wider commercial availability. ReActiv8 has also been admitted to the Australian Register of Therapeutic Goods (ARTG), enabling commercialization throughout Australia, and has been approved for inclusion on the Protheses List of reimbursed products in Australia, effective as of 1 July 2020. The Prostheses List identifies implantable devices eligible for reimbursement from all private health insurance funds in Australia. In the U.S., ReActiv8 is FDA approved and the Company plans to commercially launch in early 2021.

About Chronic Low Back Pain

One of the root causes of CLBP is impaired control by the nervous system of the muscles that dynamically stabilize the spine. ReActiv8 is designed to electrically stimulate the nerves responsible for contracting these muscles to improve dynamic spine stability, allowing for improvement in CLBP and its disabling effects.

People with CLBP usually have a greatly reduced quality of life and score significantly higher on scales for pain, disability, depression, anxiety and sleep disorders. Their pain and disability can persist despite the best available medical treatments, and only a small percentage of cases result from an identified pathological condition or anatomical defect that may be correctable with spine surgery. Their ability to work or be productive is seriously affected by the condition and the resulting days lost from work, disability benefits and health resource utilization put a significant burden on individuals, families, communities, industry and governments.

Further information can be found at www.mainstay-medical.com.

Contacts

PR and IR Enquiries:
LifeSci Advisors, LLC
Brian Ritchie
Tel: + 1 (212) 915-2578
Email: britchie@lifesciadvisors.com

FTI Consulting (for Ireland)
Jonathan Neilan or Patrick Berkery
Tel. : +353 1 765 0886
Email: mainstay@fticonsulting.com

The Ruth Group
Annika Parrish
Tel: +1 (720) 412-9042
Email: aparrish@theruthgroup.com

Neurent Medical Closes $25 Million Series B Funding to Advance Innovative Chronic Rhinitis Treatment

Company Prepares for Commercialization of Revolutionary In-Office Therapy

Galway, Ireland – Neurent Medical, a company pioneering innovative treatments for chronic inflammatory sino-nasal diseases, today announced it has closed a $25 million Series B financing. The round was led by new investor LSP, from its LSP HEF-2 fund, and co-led by Atlantic Bridge, investing from its Growth Fund IV. Fountain Healthcare Partners also participated as a returning investor with strong participation in the round.

The financing will support the expansion of the company’s clinical and commercial operations as it prepares for U.S. Food and Drug Administration (FDA) clearance and U.S. commercialization of its proprietary NEUROMARK™ Rhinitis Neurolysis Therapy™, an innovative in-office treatment for chronic rhinitis.

Approximately one in four Americans suffer from chronic rhinitis, a common condition that results in persistent symptoms including congestion, rhinorrhea, sneezing and nasal itching. Chronic rhinitis significantly decreases quality of life and can have an adverse effect on sleep quality, mood and daily activities.

The traditional rhinitis patient journey is often full of frustration due to limited treatment options. Many chronic rhinitis patients are treated with a combination of continuously prescribed medications including steroid sprays, decongestant sprays, and oral or nasal antihistamines, with varying and limited effectiveness. In addition to the significant expense, excessive use of these remedies can cause issues such as damage to nasal and bodily tissues, medication dependencies and exacerbated symptoms. Invasive surgical procedures and existing in-office interventions provide mixed outcomes for patients, along with the potential for post-operative complications and pain.

Neurent Medical’s proprietary Rhinitis Neurolysis Therapy is a revolutionary treatment option for chronic rhinitis designed to comfortably and safely disrupt hyperactive parasympathetic nerves that drive the underlying inflammation. The NEUROMARK™ System’s unique design, biofeedback monitoring features and advanced algorithmic controls enable the physician to simultaneously treat multiple nerve branches with a high degree of precision, safety and patient comfort.

“We are grateful for the financial support of this group of highly regarded investors, which will enable us to transition to an international commercial-stage company,” said Neurent Medical CEO and Co-Founder Brian Shields. “Our technology has the potential to provide an effective, safe and comfortable in-office treatment solution to alleviate the burdensome symptoms of chronic rhinitis, and we are excited that this funding brings us a step closer to offering it to clinicians and patients.”

“We are dedicated to nurturing and growing companies with the potential to have a meaningful impact on society, and Neurent Medical is aligned with this mission,” said Drew Burdon, Investment Manager at LSP. “The company, with its strong team and pioneering technology, is well-placed to succeed in making a significant difference for the millions of people suffering with chronic rhinitis.”

As part of this transaction Drew Burdon of LSP and Gerry Maguire, General Partner, Atlantic Bridge, will join Neurent Medical’s Board of Directors.


About Neurent Medical

Neurent Medical is pioneering innovative treatments for chronic inflammatory sino-nasal diseases by targeting and safely disrupting hyperactive parasympathetic nerves that drive underlying inflammation. Its proprietary NEUROMARK™ Rhinitis Neurolysis Therapy™

is the world’s first multi-point nerve disruption therapy for rhinitis. With a unique design and advanced algorithmic control, physicians can precisely target and safely treat multiple underlying nerve branches in a single procedure to alleviate symptoms and improve patient quality of life. The venture capital-backed company is headquartered in Galway, Ireland. For more information visit www.neurentmedical.com.


About LSP

LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. With offices in Amsterdam, Munich, and Boston, LSP currently has the possibility to invest from three funds, each having a distinctive investment scope and a dedicated team: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. For more information: lspvc.com.

Media Contact

Health+Commerce
Jessica Stebing
260.336.6202
jstebing@healthandcommerce.com

Medical Microinstruments Appoints Healthcare Industry Veteran Mark Toland as Chief Executive Officer

Toland joins Andrew Cleeland (Chairman of the Board, MMI) in developing the field of robotic-assisted microsurgery


CALCI, Italy – Medical Microinstruments (MMI) SpA, a robotics company dedicated to improving clinical outcomes for patients undergoing microsurgery, announced today the hiring of Mark Toland as Chief Executive Officer. He brings more than 25 years of experience in the medical device industry and most recently served as President and CEO of Corindus, a vascular robotics company that Siemens Healthineers acquired for $1.1 billion in 2019. Following the CE mark of MMI’s Symani Surgical System® in 2019 and successfully completing the first human use cases in 2020, Toland will drive the company’s strategic direction from the developmental stage to broad commercialization.


“There is a tremendous need across healthcare to evolve treatment paradigms from a predominantly manual model to one that leverages robotic technology, data integration and AI to improve patient outcomes,” said Toland. “The Symani Surgical System offers an unprecedented level of precision for microsurgical procedures that has the potential to significantly impact patient outcomes in very complex procedures. I look forward to helping the company realize that potential and working with a very talented and growing team at MMI.”


The Symani Surgical System was used to successfully complete four first-in-human surgical procedures in Florence, Italy. The cases included one post-oncological reconstruction of the pharynx and three complex, post-traumatic lower limb reconstructions, demonstrating the combined benefits of tremor reduction and motion scaling (7-20x) with the system’s NanoWrist® instruments, the world's smallest wristed surgical instrumentation. The system offers seven degrees of freedom and dexterity beyond the reach of human hands to enhance free-flap reconstructions, replantations, congenital malformations, peripheral nerve repairs and lymphatic surgery, which represent over one million combined procedures annually in the U.S. and Europe.


“Mark’s extensive experience in the medical device industry and particularly in the field of robotics will play a pivotal role in MMI’s continued growth and impact on microsurgery,” said Andrew Cleeland, the chairman of MMI’s Board of Directors. “We look forward to empowering surgeons around the world with the most advanced technology that will make highly complex procedures more reproducible and new procedures possible.”


Toland joined Corindus in 2016 and transformed the company into the industry leader in vascular robotics with the only approved system for coronary, peripheral and neurovascular indications. Under Toland’s leadership, the company built advanced capabilities in automation and telerobotics, which included the first ever remotely performed heart procedure in the world and transcontinental pre-clinical studies using 5G technology. The Siemens Healthineers acquisition of Corindus for $1.1 billion was the fifth largest medical technology acquisition of 2019. Prior to Corindus, Mark served as Senior Vice President of Boston Scientific, where he built the company’s global solutions business and led all aspects of the U.S. commercial team’s cardiovascular businesses, which represented approximately $4 billion in revenue.

About MMI

Medical Microinstruments S.p.A. (MMI) was founded in 2015 near Pisa, Italy to enhance surgical performance through the development of a robotic system that enables surgeons to achieve better outcomes in microsurgery. The Symani Surgical System combines proprietary innovations including the world’s smallest wristed microinstruments as well as tremor-reducing and motion-scaling technologies. Together, these powerful capabilities allow more surgeons to successfully perform microsurgery while expanding the field of supermicrosurgery.

For more information, contact:

Matter for MMI
Dan Ventresca
617-874-5488
mmi@matternow.com
www.matternow.com

Inotrem announces Data Monitoring Committee (DMC) recommends continuation of Phase IIa study of nangibotide for the treatment of severe forms of COVID-19

Inotrem S.A., a biotechnology company specialized in the development of immunotherapies targeting the TREM-1 pathway, announces today that an independent Data Monitoring Committee (DMC) recommends continuation of the Phase IIa study of nangibotide for the treatment of severe forms of COVID-19 hospitalized in intensive care units (ICU). The DMC was composed of unblinded external medical experts and based its decision on a pre-planned interim analysis of safety. This positive decision will allow Inotrem and its partners, the CHRU of Nancy and the CHU of Limoges, to carry on without modification its Phase IIa trial.

The first interim analysis was based on the first 20 patients enrolled. Inotrem expects to complete patients’ enrollment in France, Belgium, and the United States no later than the end the first quarter of 2021. The goal of this study is to determine the safety, tolerability and potential signals of efficacy of nangibotide in critically ill patients with COVID-19. Nangibotide is expected to have a positive impact on the severity of the respiratory failure, reduce duration of mechanical ventilation, length of stay in ICU and reduce mortality.

This study follows an observational study in 27 patients, conducted by Prof. Sébastien Gibot at the CHRU of Nancy, which reported an increased expression of the TREM-1 pathway in severe COVID-19 patients. TREM-1 is an immunomodulatory receptor expressed on innate immune cells which amplifies and maintains inflammation.

In parallel, Inotrem is also currently conducting a Phase IIb trial (ASTONISH) to treat septic shock patients with nangibotide in six European countries and in the United States. Previous clinical studies with nangibotide in septic shock demonstrated that it was safe, well tolerated and showed signals. towards clinically relevant efficacy. Pre-clinical models have shown that nangibotide modulates the amplification of the immune response caused by the activation of TREM-1 and is able to restore appropriate inflammatory response and vascular function, resulting in improved survival in septic shock models.

To conduct the Phase IIa COVID-19 trial, Inotrem and its partners received a non-dilutive funding by the Investments d’Avenir Program which is managed on behalf of the French government by Bpifrance, France’s public investment bank.

About Inotrem

Inotrem S.A. is a biotechnology company specialized in immunotherapy for acute and chronic inflammatory syndromes. The company has developed a new concept of immunomodulation that targets the TREM-1 pathway to control unbalanced inflammatory responses. Through its proprietary technology platform, Inotrem has developed the first-in-class TREM-1 inhibitor, LR12 (nangibotide), with potential applications in a number of therapeutic indications such as septic shock and myocardial infarction. In parallel, Inotrem has also launched another program to develop a new therapeutic modality targeting chronic inflammatory diseases. The company was founded in 2013 by Dr. Jean-Jacques Garaud, a former head of research and early development at the Roche Group, Prof. Sébastien Gibot and Dr. Marc Derive. Inotrem is supported by leading European and North American investors. www.inotrem.com

About TREM-1 pathway

TREM-1 pathway is an amplification loop of the immune response that triggers an exuberant and hyperactivated immune state which is known to play a crucial role in the pathophysiology of septic shock and acute myocardial infarction.

About Nangibotide

Nangibotide is the formulation of the active ingredient LR12, which is a 12 amino-acid peptide prepared by chemical synthesis. LR12 is a specific TREM-1 inhibitor, acting as a decoy receptor and interfering in the binding of TREM-1 and its ligand. In preclinical septic shock models, nangibotide was able to restore appropriate inflammatory response, vascular function, and improved animals’ survival post septic shock.

Media contact for Inotrem

Anne REIN
Strategies & Image (S&I)
anne.rein@strategiesimage.com
+33 6 03 35 92 05

Fountain Healthcare Partners Announces Final Close of €125 million for Fund III

Fund Raise Reaches Hard Cap, Exceeding Target of €100 million

Total Capital Under Management Reaches €300 million

Fountain Healthcare Partners (“Fountain”) today announces the Final Closing of its third fund, Fountain Healthcare Partners Fund III, L.P. (“Fund III”) with €125 million of committed capital, exceeding its initial target raise of €100 million. The Fund previously announced a First Closing at €118 million. The Final Closing includes the addition of Japan-based pharmaceutical and biotechnology company Kyowa Kirin Co., Ltd. (“Kyowa Kirin”).

Fund III is a dedicated life science venture capital (“VC”) fund and brings Fountain’s total capital under management to €300 million. Within the life science sector, Fund III will primarily focus on therapeutics and medical devices.

The €125 million capital raised was sourced from major domestic and international institutional investors, including fund of funds, sovereign funds, corporate investors and family offices.

Fountain will invest a majority of the capital in Fund III within Europe but expects to also make investments in the US market. Fund III is expected to make up to 10 investments in predominantly private life science companies and has already completed three deals:

  • Mainstay Medical, developing a novel, implantable neuromodulation device to treat chronic lower back pain. In June 2020 the company received FDA approval for its ReActiv8 device in the US.

  • Inotrem, a biotechnology company focused on innate immunity whose lead asset nangibotide is in a Phase II clinical study for the treatment of sepsis.

  • Priothera, a Phase IIb/III clinical stage company developing a drug to reduce relapse and mortality rates in leukemia patients undergoing stem cell transplants.

Fountain also recently announced the following:

  • Roche’s acquisition of portfolio company Inflazome for €380 million ($450 million) upfront and undisclosed future milestone payments. Inflazome is a Phase II ready company with potential application in the area of inflammatory disease such as Parkinson’s, asthma, Alzheimer’s, COPD and osteoarthritis.

  • Bayer’s acquisition of portfolio company KaNDy Therapeutics for $425 million upfront and potential future milestone payments of $475 million. KaNDy is entering Phase III trials with an oral, once daily non-hormonal drug for menopause symptoms.

Dr Manus Rogan, co-Founder and Managing Partner at Fountain, commented:

“Fountain’s investment strategy focuses on building a balanced portfolio of companies with complementary risk and return profiles within the life science sector. This strategy has resulted in a strong portfolio of investments for both Fund I, Fund II and now Fund III. We are pleased to have now reached our Fund hard cap of €125 million and are delighted to welcome such a high calibre strategic investor as Kyowa Kirin to Fountain.”

Aidan King, co-Founder and Managing Partner at Fountain, added:

“Life sciences continues to be one of the most attractive sectors for investors. Fountain has demonstrated the ability to identify companies in this sector that are developing transformative therapeutics and devices to address unmet medical needs and in doing so to generate attractive investment returns. We appreciate the support of Kyowa Kirin as we select the remaining companies for Fund III.”

Takeyoshi Yamashita, Ph.D, Executive Officer, Director of Corporate Strategy & Planning at Kyowa Kirin, said:

“Fountain Healthcare Partners’ Fund III and its focus on innovative technologies and products that address high unmet medical needs, give us a fantastic opportunity to support start-ups and emerging companies in the life science sector. This investment underlines our shared ambition to contribute to the health and well-being of people around the world by creating new value through the pursuit of advances in life sciences and technologies.”

About Fountain Healthcare Partners

Fountain Healthcare Partners is a life science venture capital fund with offices in Dublin, and New York. Founded in 2008, Fountain is Ireland’s largest dedicated life science venture capital fund with more than €300 million under management.

Fountain invests in entrepreneurs and companies with disruptive technologies or products that have a clear pharmacoeconomic benefit and a defined pathway to commercialisation, value enhancement and exit. Fountain typically leads or co-leads its investments and has sourced private and public deals from start-ups, corporate spin-outs and turnaround situations. The three principals at Fountain Healthcare Partners Fund III, Manus Rogan, Aidan King and Ena Prosser brings to investees over 70 years of collective experience in the pharmaceutical industry, corporate venture capital and VC across multiple investment and market cycles.

For more information please visit: www.fh-partners.com

About Kyowa Kirin

Kyowa Kirin commits to innovative drug discovery driven by state-of-the-art technologies. The company focuses on creating new values in the four therapeutic areas: nephrology, oncology, immunology/allergy and neurology. Under the Kyowa Kirin brand, the employees from 40 group companies across North America, EMEA, and Asia/Oceania unite to champion the interests of patients and their caregivers in discovering solutions wherever there are unmet medical needs.

You can learn more about the business of Kyowa Kirin at: https://www.kyowakirin.com

Contact Information:

Manus Rogan | Managing Partner manus.rogan@fh-partners.com
T: +353 1 5225111

Jonathan Neilan | FTI Consulting jonathan.neilan@fticonsulting.com

Paddy Berkery | FTI Consulting patrick.berkery@fticonsulting.com
T: +353 86 231 4135 or +353 86 602 5988

MMI SpA Launches Breakthrough Technology, Advancing Robotic Microsurgery with the World’s Smallest Wristed Surgical Instruments

First Procedures Performed with the Symani Surgical System

MMI SpA, an Italian company dedicated to improving clinical outcomes for patients undergoing microsurgery, announced today the CE Mark, launch and first human use of its Symani® Surgical System in Europe for open microsurgical procedures. The first four robotic surgeries were successfully performed in Florence, Italy, including three complex, post-traumatic lower limb reconstructions as well as a post-oncological reconstruction of the pharynx.

“There is a clear demand for robotics in microsurgery as the limits of the human hand have already been reached. We founded MMI to develop a robotic system designed for and with microsurgeons that will improve outcomes and address unmet patient needs, particularly through supermicrosurgery techniques which are required for lymphatic and other extremely delicate procedures. We are pleased to be at the forefront of a new era in robotic surgery as we launch our Symani System in Europe,” said Giuseppe Maria Prisco, co-founder and CEO of MMI.

The Symani Surgical System combines the benefits of tremor reduction and motion scaling (7-20x) with the world’s smallest wristed instrumentation, offering seven degrees of freedom and dexterity beyond the reach of human hands. The system’s NanoWrist® instruments are designed to overcome the challenges of free-flap reconstructions, replantations, congenital malformations, peripheral nerve repairs and lymphatic surgery, which together represent over one million procedures annually in the U.S. and Europe alone.

“Microsurgery and supermicrosurgery – as a tool, technique and discipline – continue to evolve. The use of robotics holds great promise to advance the specialty of microsurgery and improve care for patients affected by trauma, cancer, congenital malformations and even chronic conditions such as lymphedema,” commented L. Scott Levin, MD, FACS, FAOA, Chair of the Department of Orthopaedic Surgery, Professor of the Plastic Surgery Division at the University of Pennsylvania School of Medicine.

We are proud to bring this innovation to European patients and look forward to enabling surgeons worldwide to address challenging procedures on extremely small anatomy with increased precision, reproducibility and efficiency,” said Hannah Teichmann, co-founder and Vice President of Clinical Development of MMI.

About MMI Medical Microinstruments S.p.A.

(MMI) was founded in 2015 near Pisa, Italy to enhance surgical performance through the development of a robotic system that enables surgeons to achieve better outcomes in microsurgery. The Symani Surgical System combines proprietary innovations including the world’s smallest wristed microinstruments as well as tremor-reducing and motion scaling technologies. Together, these powerful capabilities allow more surgeons to perform microsurgery while expanding the field of supermicrosurgery. MMI is backed by international medtech investors including Andera Partners, Panakes Partners, Fountain Healthcare Partners and Sambatech.

Dr. Levin serves as a medical advisor to the company and has received financial compensation from Medical Microinstruments S.p.A.

The MMI system for robotic microsurgery is currently only commercially available in the European Economic Area. www.mmimicro.com

Neuromod Successfully Closes €10.5 Million Series B Financing for Tinnitus Treatment Device Lenire®

Plans to recruit 40 employees over the next 12 months in Europe, starting in Ireland and Germany

  • Proceeds to accelerate ongoing European commercialisation, scale-up manufacturing capacity, advance U.S. market entry and pursue U.S. Veteran Affairs opportunities

  • Fountain Healthcare Partners, a major investor, led the financing round with participation from existing investors, Moffett Investment Holdings and Medical Device Resources

  • Venture-debt investors Kreos Capital and Silicon Valley Bank also participated in the capital raise

Neuromod Devices Limited (“Neuromod”), the Irish medical device company specialising in the treatment of tinnitus, a chronic condition that affects 10-15% of the global population and commonly described as ‘ringing in the ears’, announces it has raised €10.5 million in an oversubscribed Series B financing. The investment was led by majority investor Fountain Healthcare Partners, with participation from existing investors Moffett Investment Holdings and Medical Device Resources, with venture-debt provided by Kreos Capital and Silicon Valley Bank.

Proceeds from the financing will be used to expand European commercialisation of the Company’s Lenire® tinnitus treatment device; to scale-up manufacturing, progress the Company’s U.S. FDA strategy, and pursue opportunities with the United States Department of Veteran Affairs. It is estimated that roughly 20 million Americans struggle with burdensome chronic tinnitus, while over 2 million U.S. Veterans receive disability payments for service-connected tinnitus, according to the 2019 USVA Annual Benefits Report.

Neuromod’s European expansion began in April 2020 with the opening of the Company’s German office in Bavaria, Germany. Neuromod plans to invest significantly in sales and marketing and will recruit 40 employees over the next 12 months, with roles based initially in Ireland and Germany.

Clinical Trial Results

The Series B financing follows the publication of results of the Company’s first major clinical trial as the cover story in Science Translational Medicine magazine. The trial, which was conducted over 12 weeks, with 326 patients, delivered dramatic improvements in patients’ tinnitus symptoms. More than 80% of those who complied with the prescribed regimen saw an average improvement of about 14 points on a tinnitus severity score of 1 to 100. When the team followed up 12 months post treatment, 80% of the participants had sustained the improvements. The study represents the largest and longest followed-up clinical trial ever conducted in the tinnitus field, and 78% of trial participants said they would recommend the Lenire® treatment to others with tinnitus . (See Paper)

Lenire® Tinnitus Treatment

Lenire® is the first non-invasive bimodal neuromodulation tinnitus treatment shown to soothe and relieve tinnitus. Lenire® has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe.

Dr Ross O’Neill, Founding CEO of Neuromod commented: “We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire® tinnitus treatment device to meet demand across Europe. The financing will also help us progress market entry into the United States, where there is a significant unmet need, particularly among U.S. veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability. It is fantastic to have the continued support of our lead investors, Fountain Healthcare Partners, as well as Moffett Investments, Medical Device Resources, Kreos Capital and Silicon Valley Bank”.

Dr. Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners commented: “We are proud to continue to support Neuromod’s mission to improve the quality of life of millions of patients around the world who suffer from tinnitus. This is an exciting time for the Company, and we are confident that it has an effective and safe technology, as proven by the recently published clinical trial results in the prestigious journal Science Translational Medicine. Neuromod has a very bright future and we are excited to play our part in making that happen”.

Cian O’Driscoll from Kreos Capital commented: “We are delighted to be able to support Neuromod further with an additional investment which will help bring Lenire® to more patients suffering from tinnitus. Treatment options for tinnitus patients in the past have been limited and we strongly believe that Lenire® has enormous potential to improve patient outcomes. We are also excited about the prospect of U.S. market entry where there is a substantial need to find new and innovative ways to treat patients whose lives are severely impacted by tinnitus”.

About Neuromod Devices Limited

Neuromod Devices Limited (“Neuromod”), headquartered in the Digital Hub, Dublin, Ireland, is a medical technology company, specialising in the design and development of neuromodulation technologies to address the clinical needs of the underserved tinnitus patient population who live with a chronic and debilitating condition. The company was founded in 2010, by Dr. Ross O’Neill and since 2015 has been supported by leading life science venture capital firm Fountain Healthcare Partners. Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in tinnitus for which no standard of care has yet been established. Neuromod’s treatment device Lenire® has been commercialised in Europe and is available in Ireland, Belgium and Germany. Further details on Lenire® including a list of providers can be found on www.lenire.com

Tinnitus affects between 10 and 15% of the global population, and the lives of at least 1 in every 100 people worldwide are severely compromised because of the incessant nature of the illusory sound that is often described as a ringing or buzzing in the ears.

www.NeuromodDevices.com
You can access the full clinical trial results here.

FTI Consulting | Media Relations
Melanie Farrell
Aline Oliveira
T: +353 1 6633686
neuromod@fticonsulting.com

Priothera closes €30 million Series A financing to develop highly promising therapies for acute myeloid leukemia (AML)

Financing to advance mocravimod, a modulator of sphingosine 1 phosphate (S1P) receptors, and potential best-in-class therapy for AML patients

Priothera Limited, a clinical stage company developing orally applied sphingosine 1 phosphate (S1P) receptor modulators for haematological malignancies, today announced that it has successfully closed a Series A financing round of €30 million led by Fountain Healthcare Partners with participation from co-lead investor HealthCap and funds managed by Tekla Capital Management, LLC as well as EarlyBird Venture Capital.

Priothera will use the funds to progress the clinical development of mocravimod, a modulator of sphingosine 1 phosphate (S1P) receptors, to enhance the curative potential of allogenic hematopoietic stem cell transplantation (HSCT) for treating AML. Priothera expects to generate further randomized clinical data in high risk AML patients with this Series A funding round.

Mocravimod has already been extensively tested in multiple immunologic indications and has shown survival benefit in an early clinical study evaluating acute myeloid leukemia (AML) and acute lymphocytic leukemia (ALL) patients undergoing hematopoietic stem cell transplantation (HSCT). Priothera acquired mocravimod from KYORIN Pharmaceutical Co., Ltd.

Following the closing of the financing, Florent Gros (Priothera's Co-Founder and CEO), Dr. Dhaval Patel (Priothera's Co-Founder and CSO at UCB), Dr. Manus Rogan (Fountain Healthcare Partners Co-Founder and Managing Director), Dr. Mårten Steen (Partner at HealthCap), Dr. Henry Skinner (Senior Vice President at Tekla Capital Management, LLC) and Lionel Carnot (Partner at EarlyBird Venture Capital), have joined the Board of Directors.

Florent Gros, Co-Founder and CEO of Priothera, commented, "We are delighted to welcome this terrific syndicate of investors, who share our passion, commitment, and vision for advancing Priothera's potentially best-in-class new therapy, mocravimod, in patients with acute myeloid leukemia and other hematologic malignancies. Allogenic stem cell transplant is the only potentially curative approach for AML patients, but has unacceptably high mortality with current treatments. We are excited about mocravimod which has a unique mechanism of action and clinical proof of concept demonstrating its ability to improve survival outcomes for this devastating disease."

Dr. Dhaval Patel, Co-Founder and Board Director of Priothera, who previously led Research Europe and the Autoimmunity, Transplantation and Inflammation Disease Area at Novartis, known for its success in developing other S1P receptor modulators, stated, "Mocravimod is an outstanding, well-characterized and well-behaved S1P receptor modulator that is well-suited for clinical development and commercial manufacturing. Based on the clinical results to date, mocravimod has the potential to be a best-in-class therapy to decrease the morbidity and mortality associated with HSCT for AML. I have high hopes that Priothera can make an impactful difference for these patients."

Commenting on the launch of the company, Dr. Manus Rogan, Chairman of Priothera added, "The Priothera team has identified and validated a novel commercial opportunity for an S1P receptor modulator allowing the company to complete this significant Series A funding round. With their extensive expertise and capabilities I am confident that Florent and the team are uniquely placed to successfully generate further clinical data to highlight the significant potential of mocravimod."

Priothera
Priothera is leading the way in developing orally applied sphingosine 1 phosphate (S1P) receptor modulators for haematological malignancies. S1P receptor modulators have been suggested to largely reduce egress of T cell subsets from lymphatic tissues allowing for dual inhibition of graft-versus-host-disease (GvHD) and enhancing graft-versus-leukemia benefits in patients receiving allogenic stem cell transplant.

Headquartered in Dublin, Ireland, Priothera was founded in 2020 by Drs. Florent Gros and Dhaval Patel. Joining the founding team are the experienced industry executive, Dr. Christoph Bucher, Dr Simone Seiter, and Brice Suire.

Founding investors are Fountain Healthcare Partners (Dublin, Ireland), funds managed by Tekla Capital Management, LLC (Boston, Massachusetts), HealthCap (Stockholm, Sweden) and EarlyBird Venture Capital (Berlin, Germany). For more information please visit: www.Priothera.com

KYORIN Pharmaceutical Co., Ltd.

Trusted among patients and professionals in the medical industry, KYORIN Pharmaceutical strives to be a company that contributes to public health and is recognized as a key player with social significance, by improving its presence in specific therapeutic areas through global discovery programs of novel drugs. KYORIN Pharmaceutical uses a franchise customer strategy where its marketing efforts are focused on respiratory, otolaryngology and urology indications. In drug discovery, Kyorin is deploying 'selection and concentration' approach and is promoting activities aimed at identifying first-in-class drug candidates. Actively searching for and introducing external drug discovery themes as well as multi-tiered program development are at the center of Kyorin's efforts.

Fountain Healthcare Partners

Fountain Healthcare Partners is a life science focused venture capital fund with EUR 300 million (USD 354 million) under management. Within the life science sector, specific areas of interest to Fountain include specialty pharma, medical devices, biotechnology and diagnostics. The firm deploys the majority of its capital in Europe, with the balance in the United States. Fountain's main office is in Dublin, Ireland, with a second office in New York. fh-partners.com

HealthCap

HealthCap is a family of venture capital funds investing globally in life sciences. With more than EUR 1 billion raised since the start in 1996, HealthCap is one of the largest specialized providers of venture capital within life sciences in Europe. The investment strategy focuses on diseases with high-unmet medical needs and breakthrough therapies that have the potential to be transformative and change medical practice, and the lives of patients suffering these conditions. Over the years HealthCap has backed and built more than 100 companies, taken more than 40 companies public and done numerous trade sales.

Tekla

Tekla Capital Management LLC is a registered investment adviser based in Boston, Massachusetts and is the investment adviser for four closed-end funds, Tekla Healthcare Investors, Tekla Life Sciences Investors, Tekla Healthcare Opportunities Fund and Tekla World Healthcare Fund. The Funds predominately invest in the securities of public and private healthcare companies.

Earlybird

Earlybird is a venture capital investor focused on European technology companies. Founded in 1997, Earlybird invests in all growth and development phases of a company. Amongst the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources, but also strategic and operational support as well as access to an international network and capital markets. Earlybird manages separate funds focussing on digital technologies in Eastern and Western Europe as well as healthcare across Europe. With over EUR 1 billion under management, seven IPOs and 24 trade sales, Earlybird is one of the most successful venture capital firms in Europe.

Contacts

Priothera
Florent Gros, CEO
E : info@priothera.com

Citigate Dewe Rogerson
Sylvie Berrebi, David Dible, Frazer Hall
E: priothera@citigatedewerogerson.com
T: +44 (0)7714 306525

Neuromod Publishes Results of Large-Scale Tinnitus Clinical Trial in Peer-Reviewed Top-Tier Scientific Journal

  • Clinical trial concludes that bimodal neuromodulation combining sound and electrical stimulation of the tongue can significantly reduce tinnitus symptoms, and therapeutic effects can be sustained for up to 12 months post-treatment.

  • 77.8% of participants said they would recommend the Company’s Lenire® device to others with tinnitus.

  • 80.1% of treatment compliant participants experienced continued improvement in tinnitus symptom severity when evaluated 12-months post-treatment.

Neuromod Devices Limited (“Neuromod”), the Irish medical device company specialising in the treatment of chronic tinnitus, commonly described as ‘ringing in the ears’, has published the results of the Company’s TENT A1 (Treatment Evaluation of Neuromodulation for Tinnitus) clinical trial in this week’s edition of Science Translational Medicine in a paper titled: ‘Bimodal neuromodulation combining sound and tongue stimulation reduces tinnitus symptoms in a large randomized clinical study’.

The clinical trial was conducted between 2016 and 2019 and was designed to track changes in tinnitus symptom severity. The trial investigated the bimodal neuromodulation approach, using Neuromod’s non-invasive stimulation device that delivers sound to the ears and electrical stimulation to the tongue.

The study represents the largest and longest followed-up clinical trial ever conducted in the tinnitus field with 326 enrolled participants, providing evidence regarding the safety, efficacy and patient tolerability of bimodal neuromodulation for the treatment of tinnitus. 86.2% of treatment compliant participants reported an improvement in tinnitus symptom severity when evaluated after 12 weeks of treatment, with many experiencing sustained benefit 12 months post-treatment.

The study was conducted at the Wellcome Trust-HRB Clinical Research Facility, St. James’s Hospital, Dublin, Ireland and the Tinnituszentrum of the University Regensburg, Germany. There were consistent therapeutic outcomes across both clinical sites, with no SAEs Serious Adverse Events (SAEs related to the treatment and a high satisfaction rate across a large cohort of participants. A Medical Research Organization (NAMSA, Minneapolis, Minnesota, USA) guided and assisted the close-out process of Neuromod’s clinical trial.

The tinnitus treatment device, now branded as Lenire®, which was used in the study was developed by Neuromod and consists of wireless (Bluetooth®) headphones that deliver sequences of audio tones layered with wideband noise to both ears, combined with electrical stimulation pulses delivered to 32 electrodes on the tip of the tongue by a proprietary device trademarked as Tonguetip®. The timing, intensity and delivery of the stimuli are controlled by an easy to use handheld controller that each participant is trained to use. Before using the treatment for the first time, the device is configured to the patient’s hearing profile and optimised to the patient’s sensitivity level for tongue stimulation.

For the trial, participants were instructed to use the Lenire® device for 60 minutes daily for 12 weeks. Out of 326 enrolled participants, 83.7% used the device at or above the minimum compliance level of 36 hours over the 12-week treatment period. For the primary endpoints, participants achieved a statistically and clinically significant reduction in tinnitus symptom severity.

When treatment was completed, participants returned their device and were assessed at three follow-up visits up to 12 months. 66.5% of participants who filled out the exit survey (n=272) affirmed they had benefited from using the device and 77.8% (n=270) said they would recommend the treatment for other people with tinnitus.

Participants in the study were screened and selected based on a pre-defined list of inclusion and exclusion criteria to ensure the trial had a wide distribution sample of the tinnitus population. More information on the criteria can be found on https://www.clinicaltrials.gov/ using the identifier NCT02669069 and the full paper can be accessed here: https://www.neuromoddevices.com/tenta1results.

Dr Ross O’Neill, Founding CEO of Neuromod commented: “We are delighted to announce the publication of positive results from our TENT-A1 clinical trial, which has shown significant improvements in tinnitus symptoms in patients using our unique Lenire® device. There is a globally recognised clinical need for evidence-based treatments for tinnitus, such as Lenire®, due to the lack of effective options for this debilitating condition. Neuromod is proud to be at the cutting edge of efforts to research and develop new solutions that can contribute to solving this chronic condition that affects 10-15% of the population worldwide. We are committed to continuing our research in the field and to advance our unique chronic tinnitus treatment technology”.

Hubert Lim, Chief Scientific Officer of Neuromod commented: “I am truly proud of our Company’s ability to perform such a large-scale randomised clinical trial in two countries, enrolling 326 participants to demonstrate the safety and efficacy of a new solution for tinnitus. This study tracked the post-treatment therapeutic effects for 12 months, which is a first for the tinnitus field in evaluating the long-term outcomes of a medical device approach. The outcomes are very exciting and I look forward to continuing our work to develop a bimodal neuromodulation treatment to help as many tinnitus sufferers as possible.”

About Neuromod Devices Limited

Neuromod Devices Limited (“Neuromod”), headquartered in the Digital Hub, Dublin, Ireland, is a medical technology company, specialising in the design and development of neuromodulation technologies to address the clinical needs of underserved patient populations who live with chronic and debilitating conditions. The company was founded in 2010, by Dr. Ross O’Neill. The lead application of Neuromod’s technology is in the field of tinnitus, where Neuromod has completed extensive clinical trials to confirm the efficacy of its non-invasive neuromodulation platform in this common disorder for which no standard of care has yet been established. Neuromod’s tinnitus treatment device Lenire® has been commercialised in Europe and is available in Ireland, Belgium and Germany. Tinnitus affects between 10 and 15% of the global population, and the lives of at least 1 in every 100 people worldwide are severely compromised because of the incessant nature of the illusory sound that is often described as a ringing or buzzing in the ears.

www.NeuromodDevices.com

About Lenire®

Lenire® is the first non-invasive bimodal neuromodulation tinnitus treatment shown to soothe and relieve tinnitus in a large-scale clinical trial. Lenire® has CE-mark certification for the treatment of tinnitus under the supervision of an appropriately qualified healthcare professional in Europe. Further details on Lenire® including a list of providers can be found under www.lenire.com.

About Science Translational Medicine

The Science family of journals is published by the American Association for the Advancement of Science (AAAS), the world’s oldest and largest general science organization. The Science magazine has been at the centre of important scientific discovery since its founding in 1880, and continues to publish the very best in research across the sciences, with articles that consistently rank among the most cited in the world. Science Translational Medicine is an essential platform for peer-reviewed, multidisciplinary research driving the latest medical advances to complement the discoveries in the Science magazine.

Contacts

FTI Consulting | Media Relations

Melanie Farrell
Aline Oliveira
T: +353 1 6633686
T: +353 86 401 5250
neuromod@fticonsulting.com

Syndesi Therapeutics progresses development of SDI-118 for cognitive impairment and expands its series A financing

Syndesi Therapeutics SA, a clinical stage biotechnology company developing novel modulators of the synaptic vesicle protein SV2A for the treatment of cognitive impairment, provides an update on the clinical development of its lead molecule, SDI-118, and announces an extension of its series A financing.

Following successful completion of a first in human single ascending dose and PET occupancy study of SDI-118, dosing in two additional Phase I studies has been completed and the data are being analyzed:

  • A multiple ascending dose study to examine the safety, tolerability, and pharmacokinetics of SDI-118, following 14 days of dosing in healthy young and healthy elderly subjects.

  • A single dose cross-over study investigating the effects of SDI-118 on EEG (electroencephalogram) recordings of brain activity


Results from both these studies are expected before the end of 2020.

Based on the promising progress to date, all Syndesi's existing investors - Novo Holdings, Fountain Healthcare Partners, Johnson & Johnson Innovation – JJDC, Inc., SRIW, V-Bio Ventures and Vives Fund, together with UCB Ventures - have committed to an additional tranche of Series A financing to conduct a second clinical proof-of-principle study. This study will focus on remitted depressed subjects who report a perceived deficit in cognition. Concurrently a study in elderly subjects reporting memory problems will also be run. These studies are planned to commence during H1 2021.

Commenting on the progress made with SDI-118 development and the extended financing Jonathan Savidge, CEO of Syndesi, said “We continue to be encouraged by the profile of SDI-118 as a potential treatment for a number of CNS disorders with cognitive impairment. The additional financing demonstrates the commitment from our existing investors, and allows the company to conduct a second clinical proof of principle study to more fully explore the potential benefits of SDI-118. We look forward to our next important milestones: receiving the full results from the further Phase I studies, and then commencement of two clinical proof of principle studies”

About Syndesi Therapeutics

Syndesi Therapeutics was established to develop a series of novel, pro-cognitive small molecule SV2A modulators licensed from UCB. Syndesi is investigating the potential of these molecules to improve cognition in diseases such as Alzheimer’s Disease and other dementias, as well as other conditions such as major depression and cognitive impairment associated with schizophrenia. The lead molecule, SDI-118, has successfully completed a First-in-Human Phase I study which demonstrated target engagement with PET imaging. The Phase I program has been supported in part by funding from the Walloon Region. The company is financed by a top tier syndicate of international and Belgian investors: Novo, Fountain Healthcare Partners, Johnson & Johnson Innovation – JJDC, Inc., SRIW (Société Régionale d’Investissement de Wallonie), V-Bio Ventures and Vives Fund, along with UCB Ventures. Syndesi’s financing from its extended Series A round together with non-dilutive funding from the Walloon Region totals in excess of €26M.