Aleva Neurotherapeutics, a Lausanne, Switzerland, developer of implants for deep brain stimulation (DBS) in major neurological indications such as Parkinson’s Disease and Essential Tremor, raised $18m in Series C financing.
The round was led by Greatbatch, Inc. (NYSE:GB), which contributed a total of $5m to the transaction, with participation from existing investors BioMedPartners, BB Biotech Ventures, Banexi Ventures and Initiative Capital Romandie and a group of family offices including Kinled Holding and Forrestal Capital. In conjunction with the funding, Anthony Borowicz, VP Business Development of Greatbatch, Inc. joined Aleva’s Board.
The company, which has raised $42m to date, intends to use the funds to obtain the CE mark for its proprietary directSTIM™ Directional Deep Brain Stimulation System in 2017.
Led by André Mercanzini PhD, Founder and Chief Technology Officer, and Oern Stuge, MD, Executive Chairman, Aleva develops next-generation neurostimulation technologies and devices for Deep Brain Stimulation (DBS) therapy. Based on its proprietary microDBS™ technology, the company has developed two novel brain stimulating products with different properties.
The first, called directSTIM™, is a complete Directional Deep Brain Stimulation System for long-term therapy in Parkinson’s Disease and Essential Tremor. The second, called spiderSTIM™, is a full solution for intra-surgical placement of DBS electrodes.
In February 2016, Aleva and Greatbatch announced the closing of a strategic development, supply and manufacturing agreement. In addition, the company will combine their innovative directional lead technology with the proprietary neurostimulation platform of Nuvectra™, a recent spin-off from Greatbatch.
Aleva is a spin-off from the Ecole Polytechnique Fédérale de Lausanne (EPFL) Microsystems Laboratory of Prof. Philippe Renaud.