Gimv invests EUR 6 million in G-Therapeutics as part of a total Series A financing of EUR 26 million
G-Therapeutics today announced that the company has secured up to EUR 26 million in a Series A financing round from an investment syndicate consisting of Gimv, Wellington Partners, LSP and Inkef Capital alongside the company’s founders/management. This investment will fund the company’s clinical trials up to CE mark (EU) and IDE (US) approval.
G-Therapeutics (http://gtherapeutics.com/About) develops an implantable neuro stimulator for patients with incomplete spinal cord injury. The company’s device supports motor function recovery for better and faster rehabilitation by stimulating the spinal cord. The company was founded in 2014 as a spin-off of the Center for Neuro-Prosthetics of the renowned École Polytechnique Fédérale de Lausanne (EFPL, Switzerland), where its clinical center is located. Technology development happens in Eindhoven (The Netherlands). G-Therapeutics is led by an experienced management which consists of top level neuroscientists, complemented by entrepreneurs with a track record in developing breakthrough science into products.
Damage to the spinal cord can result from a physical trauma (car accidents, falls, sports injuries, etc.) but also from non-traumatic causes such as infection, insufficient blood flow, or pressure from a tumor. The initial target population of G-Therapeutics are patients with incomplete spinal cord injury, where some nervous signals are still able to travel past the injured area. Current treatment options focus on preventing further injury and empower patients to return to an active and productive life via a wheelchair or an exoskeleton. However, these solutions heavily impact a patient’s quality of life, without really contributing to further recovery.
The neuro-stimulation device that G-Therapeutics develops uses controlled electrical stimulation in combination with intensive physical training to encourage the nervous system to create detours around destroyed neurons that act like a roadblock and prevent movement commands from traveling down the spinal cord and along the nerves, allowing the command to get through. The company can show impressive pre-clinical data, being confirmed by early human data.
"It is very rewarding to start this unique European endeavor that can bring enormous benefits to patients with spinal cord injuries. Our international team has all the necessary capabilities to realize EPFL-Professor Courtine’s vision, backed by a strong investor syndicate of highly renowned biotechnology investors," says Sjaak Deckers, CEO of G-Therapeutics.
Patrick Van Beneden, Partner Gimv Health & Care, comments: “We believe G-Therapeutics is one of the most promising companies in the emerging field of neurostimulation. After our recent commitment to Topas Therapeutics, this in another investment in a world-class early stage company. Both investments perfectly fit our Health & Care strategy of further expanding a diversified portfolio of earlier stage life sciences companies in our home markets, next to investments in more mature Health & Care services businesses.”
For more information on this transaction, we refer to the press release of G-Therapeutics in attachment.