Neuronetics, Inc., the established market leader in transcranial magnetic stimulation (TMS) technology, announced today the completion of its Series F Financing Round, which included investment from GE Ventures, as well as its original investor base totaling $34.3 million.
Neuronetics plans to use the proceeds from this latest financing round to broaden treatment accessibility for existing patient populations in need of a non-drug therapy option. The investment will accelerate the expansion of the company's commercial resources in light of the rapidly expanding insurance coverage for patients. It will also be used to fund a new registration study that will investigate the use of NeuroStar TMS Therapy® for the treatment of MDD among adolescents between the ages of 12 and 21 years.
"As the pioneer of the TMS therapeutic space and as a leader in clinical research for MDD and commercial execution, Neuronetics is very excited about the outcome of the recent funding and the possibilities for expanded access to NeuroStar TMS for patients," said Christopher Thatcher, President and CEO of Neuronetics. "We are firmly committed to expanding treatment with TMS to all 4 million treatment resistant adults living with depression, who cannot benefit from their current antidepressant treatment plan. This additional funding will also allow us to work towards fulfilling a significant unmet medical need among the 2 million adolescents suffering with the condition."
As a result of Neuronetics efforts, insurance coverage for patients has increased from 100 million to over 200 million covered lives, in both government and commercial insurance plans. More patients now have access to NeuroStar TMS Therapy than ever before in the United States. Neuronetics credits the increase in insurance coverage in part to the recent publication of patient outcomes in the Journal of Clinical Psychiatry[1]. This study demonstrated the long-term effectiveness and durability of NeuroStar TMS Therapy in adult patients for the treatment of MDD, over a period of one year.
"This is an exciting time for Neuronetics. The company is well positioned for expansion and GE Ventures is proud to support their growth as a new investor," said Leslie Bottorff, Managing Director, GE Ventures, Healthcare. "We anticipate a bright future for Neuronetics as they work to use their transcranial magnetic stimulation technology to help improve the lives of millions."
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