Cervel Neurotech, a Foster City, Calif.-based company developing a novel therapy for depression, pain and other conditions, completed a $14.1m funding round.
Backers included existing investors, D. E. Shaw Ventures and Aberdare Ventures, as well as two new investors. The company also received a credit facility from East West Bank.
Cervel intends to use funds to advance clinical pilot studies in depression and pain and undertake the larger scale clinical activities required to further validate its novel approach to delivering transcranial magnetic therapy.
Led by Eric Meier, CEO, the company is pioneering a non-invasive, non-pharmacologic and non-systemic treatment for psychiatric and neurologic illnesses. Cervel Neurotech leverages a proprietary approach that uses multiple magnetic fields, generated by coils placed on a patient’s scalp, to selectively stimulate both surface and deeper brain regions.
The magnetic coils are designed to allow steering of the magnetic fields through multiple, specific brain regions associated with the symptoms of a particular disorder avoiding unintended stimulation of areas not associated with the disorder.