Cervel Neurotech disclosed in an announcement today the completion of its funding round and its raising of US$14.1 million. Aberdare Ventures and D.E. Shaw Ventures, the company's existing investors, were part of the round of equity financing that were joined by new investors. The completion of the financial round was concluded by a credit facility instrument issued by East West Bank.
Cervel Neurotech Chief Executive Officer Eric Meier said, "We are very pleased with this capital raise in that it provides us with significant resources to advance the company."
He added, "Specifically, this financing enables us to continue to demonstrate the highly differentiated nature of our platform for the treatment of psychiatric and neurologic conditions. Our clinical pilot studies in depression and pain have yielded promising safety and effectiveness data, and this funding will allow us to undertake the larger scale clinical activities required to further validate our novel approach to delivering transcranial magnetic therapy."
The Foster City, Ca-based Cervel Neuortech is a private medical device company that is into development of original non-invasive and non-pharmacological treatments for depression, pain and other conditions.
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