22 May 2018, Eindhoven – Salvia BioElectronics B.V. announced today that it secured € 1.3 million in seed funding to develop a minimally invasive bioelectronics solution for people suffering from chronic neurological disease. The funding is provided by a syndicate led by Thuja Capital Healthcare Seed Fund II and the Brabant Development Agency (BOM), and includes the Netherlands Enterprise Agency (RVO.nl) and founders and employees of Salvia.
Salvia intends to use the funds to develop its product concept in preparation for a larger Series-A round that will support the realization of the device and the clinical studies towards CE marking and commercial launch. Hubert Martens, CEO of Salvia BioElectronics, noted: “The treatment of chronic neurological disease with drugs is associated with undesired side effects that may be intolerable for patients. By gently influencing nerve activity, bioelectronics trigger the body’s natural mechanisms with the promise of being inherently side-effect-free, and potentially more efficacious as a treatment.”
“The reason for our early contribution is the good track record of Salvia’s team”, says Jeroen Siemes, investment manager at the BOM. “In the med-tech domain BOM has a proactive focus on companies with the potential to have a significant impact on society. We recognize that there is a large unmet need for patients suffering from chronic neurological disease, to which Salvia’s innovative concepts can provide a solution. We are therefore delighted to contribute to the early development of this med-tech company.”
Florian Ludwig, investment manager at Thuja Capital added: “Thuja Capital invests in early stage medical products for cure, care, diagnosis or prevention, that have a true impact on patient care. We expect the neuromodulation field to develop rapidly in the coming years and believe that Salvia’s differentiated product concept will provide physicians with a powerful and patient centric tool in the treatment and management of their patients.”
Please find the full press release here.