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Medical equipment industry

Northstar Neuroscience Secures Series E Financing from Boston Scientific

Strategic Insights

— 1 min read

Northstar Neuroscience, a privately held developer of medical devices for the treatment of neurological diseases and disorders, has secured a series E financing from Boston Scientific Corporation. This funding will be used to initiate a pivotal clinical trial in the U.S. for its investigational stroke recovery system and for other research purposes. According to Alan Levy, PhD, president and chief executive officer of Northstar Neuroscience, the company's investigational electrical stimulation technology has shown promise in enhancing recovery of hand and arm function in two U.S. feasibility trials.

Key Takeaways:

  • Northstar Neuroscience has secured a series E financing from Boston Scientific Corporation, with terms not disclosed.
  • The funding will be used to initiate a pivotal clinical trial in the U.S. for its investigational stroke recovery system and for other research purposes.
  • The company's investigational electrical stimulation technology has shown promise in enhancing recovery of hand and arm function in two U.S. feasibility trials.
  • Boston Scientific joins existing investors Johnson & Johnson Development Corp., Mayfield Fund, Domain Associates, Canaan Partners, Foundation Medical Partners, AEA Investors, CHANNEL Medical Partners, HBM Bioventures, SEB Asset Management, Spring Ridge Ventures, and TAT Capital Partners.
  • This investment supports the growing market for neurostimulation therapies, which aims to improve recovery of function in millions of stroke victims.
  • Northstar Neuroscience plans to continue developing its medical devices for the treatment of neurological diseases and disorders.

Statistics:

  • Series E financing secured by Northstar Neuroscience from Boston Scientific Corporation.
  • Funding will be used to initiate a pivotal clinical trial in the U.S. for its investigational stroke recovery system.
  • Two U.S. feasibility trials have shown promise in enhancing recovery of hand and arm function using Northstar Neuroscience's electrical stimulation technology.
  • 6 investors, including Boston Scientific, have contributed to this financing round.

Sources:

  • Northstar Neuroscience, Inc. press release (date not mentioned).
  • Boston Scientific Corporation (NYSE:BSX).
  • NewsRx.com & NewsRx.net.
  • Health & Medicine Week editors.

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