Functional Neuromodulation Inc. (FNMI), a Toronto, Canada-based medical technology start-up that develops novel Deep Brain Stimulation (DBS) therapies for Alzheimer’s disease (AD) and Mild Cognitive Impairment (MCI), closed a $600,000 seed financing from Genesys Capital of Toronto.
In conjunction with the funding, Genesys partner Kelly Holman, has joined Dr. Lozano and Daniel O’Connell, co-founder and CEO, on the company’s board of directors.
Dr. Andres Lozano, R.R. Tasker Chair in Stereotactic and Functional Neurosurgery at the University Health Network and University of Toronto, is the scientific founder of FNMI and principal inventor of the intellectual property which initially includes five patent applications relating to treating Memory and Cognitive disorders including AD and MCI using DBS, which is a surgical treatment involving the implantation of a medical device called a brain pacemaker, which sends electrical impulses to specific parts of the brain.
He and colleagues at Toronto Western Hospital recently completed a Phase I pilot clinical study of DBS in AD patients.
Commenting on the financing, Mr. O’Connell said that securing the seed financing and the intellectual property rights set Functional Neuromodulation on course to close a Series A financing next year to demonstrate clinical proof of concept in a Phase II trial of DBS in AD patients.