Neuronetics, Inc., a Malvern, PA-based provider of transcranial magnetic stimulation (TMS) technology, completed its $34m Series F financing.
Backers included GE Ventures, as well as its original investors.
The company intends to use the funds to expand its commercial resources and to fund a new registration study that will investigate the use of NeuroStar TMS Therapy® for the treatment of MDD among adolescents between the ages of 12 and 21 years.
Led by Christopher Thatcher, President and CEO, Neuronetics is a medical device company focused on developing non-invasive therapies for psychiatric and neurological disorders using MRI-strength magnetic field pulses.
The company’s NeuroStar TMS Therapy System® is indicated for the treatment of Major Depressive Disorder in adult patients who have failed to receive satisfactory improvement from prior antidepressant medication in the current episode. It is a non-systemic and non-invasive form of neuromodulation that stimulates nerve cells in the brain by delivering highly focused MRI-strength magnetic field pulses which lead to activation of cortical and deep brain structures known to be involved in mood regulation.
The treatment is available by prescription and typically administered daily for 4-6 weeks.