Wise Srl, a Cologno Monzese, Milan, Italy-based medical device company developing next-generation implantable neuromodulation leads, closed a €6.5m Series B financing.
The round was led by Principia SGR, with participation from existing investors Atlante Ventures, High-Tech Gründerfonds, F3F and Antares.
The company intends to use the funds to market its first product for acute use, Cortical Electrodes for intraoperative monitoring, and to conclude the development of its product, the first percutaneously-implantable paddle lead for Spinal Cord Stimulation (SCS).
Founded in 2011 by CEO Dr. Luca Ravagnan, Wise develops stretchable implantable neuromodulation leads for the treatment of different neurological conditions based on its proprietary Supersonic Cluster Beam Implantation (SCBI) technology.
Neuromodulation therapy requires electrodes and leads to be surgically implanted to apply electrical stimuli to neural tissues. The leads produced using the SCBI technology consist of electronic circuits in very thin elastomeric foils, preventing dislocation, breakage or damage commonly observed in currently available devices.
The company, which develops foldable paddles for less invasive surgical procedures for chronic pain treatment by spinal cord stimulation, is preparing the CE marking and subsequent clinical trials for its first product, a grid electrode for acute monitoring and stimulation of the cortex.
Wise also has an office in Berlin, Germany.