MicroTransponder Inc., a Dallas, Texas-based medical device development company, closed a $5.5m round of funding.
The round was led by Green Park & Golf Ventures from both existing investors, with participation from the UT Horizon fund, as well as new investors.
The company intends to use the funds to commercialize its stroke and tinnitus therapy in Europe in 2016 and complete additional clinical studies.
Led by Frank McEachern, CEO, MicroTransponder has developed and continue to expand neurostimulation programs to treat various forms of neurological diseases, including post stroke motor rehabilitation and tinnitus. The company’s Vivistim® System has been developed to treat stroke patients that experience upper limb deficit following their stroke. It consists of a small implanted battery and wires that internally connect to the vagus nerve in the neck. During the rehabilitative therapy, the patient receives a small amount of neurostimulation to the vagus nerve to strengthen the neural pathways in the brain.