EBS Technologies receives CE marking for its NEXT WAVE™ brain stimulation device
EBS also reports Series “B” cash infusion of $3.9 million (€3,0 million) from existing investors to commence immediate European commercialization of NEXT WAVE™ .
“Our strategy is to roll-out our NEXT WAVE™ device in a limited manner to key opinion leaders in Europe who treat neurological disorders. Clinical data has demonstrated that NEXT WAVE™ therapy is designed to restore function of deficits in vision caused by stroke, brain trauma, or other neurologic disorders.” Ulf Pommerening and Udo Warschewske, Managing Directors EBS Technologies GmbH.
EBS Technologies GmbH, an emerging medical device company developing the revolutionary NEXT WAVE™ brain stimulation platform for treatment of neurological disorders caused by stroke and brain injury, announced today that it has received CE marking for NEXT WAVE™ and expects to begin commercialization in Europe immediately as the result of closing a Series “B” financing round of $3.9 million (€3,0 million) from existing investors: including lead investor Earlybird Venture Capital, High-Tech Gründerfonds (HTGF), and Brandenburg Capital. Total investment in EBS Technologies is $8.7 million (€6,7 million).
“There is a very significant unmet clinical need for the treatment of vision impairment caused by a neurological disorder such as a stroke,” said Ulf Pommerening. “For example, stroke is the world’s third-leading cause of death as well as the leading cause of serious, long-term disability. There are more than 10 million stroke survivors with long-term disability in Europe and the U.S. Three out of five of these disabled persons are potentially treatable with our non-invasive EBS Next Wave™ therapy.
“We are extremely pleased that our existing investors, lead by Earlybird Venture Partners, increased their commitment to EBS, based on strong clinical results with our low-risk, non-invasive NEXT WAVE™ system,” added Pommerening. “With this Series B cash infusion, we have already begun a limited launch of the device to key opinion-leading neurologists in Europe. ”
About Next Wave™
The NEXT WAVE™ technology enables a unique revitalization of selective communication paths between neurological cells, which may have been lost due to brain injury caused by trauma, stroke or tumor resection. The non-invasive therapy utilizing the patented NEXT WAVE™ technology is clinically validated to restore vision impairment by 20 to 30 percent after brain dysfunction. In addition, glaucoma patients have shown to benefit from the NEXT WAVE™ technology.
NOTE: NEXT WAVE™ is approved for sale in Europe; it is not approved for sale or investigational use in the U.S.
High-Tech Gruenderfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Technology, the KfW Banking Group, as well as strategic corporate investors including ALTANA, BASF, B. Braun, Robert Bosch, CEWE Color, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 573.5 million under management in two funds (EUR 272 million HTGF I, EUR 301.5 million HTGF II).
High-Tech Gruenderfonds Management GmbH
Dr. Caroline Fichtner
Tel: +49 228 823001-00
Fax: +49 228 823000-50