Neuronetics, Inc., a Malvern, Penn.-based medical device company that develops a therapy system for the treatment of major depression, has completed a $30m Series E financing.
The round was led by new investors Polaris Venture Partners and Pfizer Venture Investments, with participation from existing shareholders Investor Growth Capital, New Leaf Venture Partners, Interwest Partners, Three Arch Partners, Quaker BioVentures, and Onset Ventures.
The company intends to use the funds to expand the reach of its NeuroStar TMS System for the treatment of major depression for patients who did not get relief from existing therapies, which was cleared by the US FDA in October 2008.
The system doesn’t circulate in the bloodstream throughout the body and doesn’t involve surgery. It stimulates nerve cells in an area of the brain that has been linked to depression by delivering focused MRI-strength magnetic field pulses.
The treatment, which is available at more than 300 treatment centers in the United States, is typically administered daily for four to six weeks.
In conjunction with the funding, Kevin Bitterman, Ph.D., Principal at Polaris Venture Partners, will join Neuronetics’ Board of Directors; Elaine Jones, Executive Director, Pfizer Venture Investments, will serve as an observer.
The company is led by President and CEO Bruce J. Shook.