Funding

[Funding alert] Belfast-based Neurovalens Secures £2.1Million in Funding

Apr 9, 2024 | By Startup Rise EU

Healthtech company Neurovalens has been approved by the US Food and Drug Administration (FDA) to treat anxiety with its Modius Stress device

Healthtech company Neurovalens has been approved by the US Food and Drug Administration (FDA) to treat anxiety with its Modius Stress device

Additionally, Neurovalens obtains £2.1 million from current investors. The company has already obtained equity capital from UK investors totaling over £11 million. Neurovalens is an expert in fusing technology and neuroscience to address many global health issues.

Without the requirement for electrodes to be physically inserted, its medical gadgets are made to provide noninvasive electrical stimulation to specific regions of the brain and nervous system.

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With Modius Stress, anxiety is treated by applying a brief, safe electrical pulse to the head 30 minutes prior to bedtime. Users can engage in other things, such watching TV, during this time.

The Modius Stress device can now be supplied directly to anyone with a prescription from their doctor who are suffering from Generalised Anxiety Disorder (GAD) in the United States, thanks to regulatory permission obtained through the FDA 510(k) clearance.

GAD is a chronic illness that makes people anxious most of the time about a variety of circumstances and problems rather than just one particular incident. Both mental and physical symptoms, such as anxiety and restlessness, difficulty focusing or falling asleep, vertigo, and palpitations in the heart, can be brought on by generalised anxiety disorder (GAD).

It comes after the business's Modius Sleep gadget, which treats insomnia, was approved by the FDA in October 2023. Medical professionals are actively promoting and selling the Modius Sleep.

Dr Jason McKeown, CEO of Neurovalens, said: “Having the Modius Stress technology as a certified medical device for the treatment of generalised anxiety disorder is the next meaningful step for the company as we focus on continued growth in the US market. GAD affects an estimated 6.8 million adults in the US, over 3% of the population, with women twice as likely to be affected as men, according to the American Depression and Anxiety Association. Modius Stress is a non-invasive device that treats the underlying issue to improve the lives of patients. We believe that the low risk, non-invasive therapeutic intervention offered by Neurovalens technology will be truly transformative for a range of serious medical conditions and this latest clearance moves us further towards that goal.”

About Neurovalens

A multinational health technology firm called Neurovalens develops non-invasive neurostimulation devices that address some of the most serious health issues facing humanity.

Neurovalens' initial product, Modius, made a triumphant Indiegogo debut in August 2017. With the use of neurotechnology, Modius was created to make weight loss easier for those who battle with their weight.

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