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Cadence Raises $15M in a Healthy and Growing Neuromodulation Market

The Redmond, WA-based company has licensed a neuromodulation therapy for pediatric and adult patients suffering from focal drug-resistant epilepsy from Mayo Clinic. The financing will be used to help Cadence Neuroscience get the technology to market.

Cadence Neuroscience is moving to bring a neuromodulation therapy for patients with focal drug-resistant epilepsy to market. The Redmond, WA-based company has raised $15 million in a series A round to help with this goal.

Cadence’s financing round was led by JAZZ Venture Partners, with additional support being provided by Mayo Clinical Ventures, Mayo Benefactors Innovation Fund, and the Epilepsy Foundation of America (EFA).

The device was developed by a Mayo Clinic, Rochester campus Neurology and Neurosurgery team. Cadence is licensing the technology from Mayo and said the device uses chronic subthreshold cortical stimulation to modulate EEG biomarkers associated with epilepsy to reduce or eliminate seizures.

"The Cadence team has extensive domain expertise in developing active neural implants and conducting first-in-human clinical studies," said Kent Leyde, Cadence's co-founder and CEO. "We also have a proven history of very successful collaborations with the Mayo team that will allow us to combine our technical experience with their clinical research expertise."

Neuromodulation Outlook

According to a report from AmericaNewsHour, the global market for Neuromodulation is projected to reach more than $5 Billion by the end of 2021, making this a healthy space for medtech companies.

StimGuard had tremendous success in 2018 when it received CE mark for a wireless neuromodulation device to treat chronic symptoms of an overactive bladder.

Neuromodulation has also been a strong point for LivaNova. The London-based company recently presented 3Q19 earnings, that showed softness in its cardiovascular franchise but significant strength in its neuromodulation offerings.

Recall in 2017, LivaNova doubled-down in the space when it sold its cardiac rhythm management unit and then picked up neuromodulation specialist ImThera for $225 million.

Boston Scientific pointed to an 8% growth in neuromodulation sales for 3Q19. The Marlborough, MA-based company pointed to a diversified portfolio for the reasons behind the neuromodulation segment’s success.

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