Neuronetics Selected by World Economic Forum as 2011 Technology Pioneer
Novel device for the treatment of depression recognized in the Biotechnology and Health category
MALVERN, Pa., Sept. 2 /PRNewswire/ -- Neuronetics, Inc., maker of the NeuroStar TMS (Transcranial Magnetic Stimulation) Therapy® system, has been selected by the World Economic Forum as a 2011 Technology Pioneer. Through a rigorous screening process, the World Economic Forum's Technology Pioneers program identifies companies from around the world that develop and apply the most innovative and transformational technologies that have the promise of making a critical impact on the future of business and society. Many of the companies chosen are in a start-up phase or in their first rounds of financing. Companies selected as Technology Pioneers must demonstrate visionary leadership, show the potential for being a long-standing market leader, and have proven technology. . Neuronetics' NeuroStar TMS Therapy system is the first and only non-systemic and non-invasive TMS device cleared by the U.S. Food and Drug Administration for the treatment of Major Depressive Disorder.*
"We are honored that the World Economic Forum Selection Committee has chosen Neuronetics as a Technology Pioneer. The NeuroStar TMS Therapy system is making a profound contribution to the well-being of depression patients and their families. Depression is a debilitating disease that creates an enormous personal burden, is responsible for the consumption of vast amounts of health care resources, and reduces workplace productivity. By treating depression with the NeuroStar® system, we are working to address these critical issues for patients, payers and employers," said Neuronetics' President and CEO, Bruce Shook. (For a complete review of Mr. Shook's comments visit www.weforum.org/techpioneers.)
About NeuroStar TMS Therapy
NeuroStar TMS Therapy was cleared by the FDA in October 2008 for adult patients with major depressive disorder who have not adequately benefitted from prior antidepressant medication*.
NeuroStar TMS Therapy is a non-systemic (does not circulate in the bloodstream throughout the body) and non-invasive (does not involve surgery) form of neuromodulation. It stimulates nerve cells in an area of the brain that has been linked to depression, by delivering highly focused MRI-strength magnetic field pulses. The treatment is typically administered daily for 4-6 weeks. In an open-label clinical trial, which is most like real world clinical practice, approximately 1 in 2 patients experienced significant improvement in symptoms, and 1 in 3 experienced complete symptom resolution. There were no systemic side effects such as those experienced with some antidepressant medications. The most common adverse events related to treatment were scalp pain or discomfort at the treatment area during active treatments. There is a rare risk of seizure with TMS Therapy (0.1% of patients under general clinical use). NeuroStar TMS Therapy is not indicated or effective for all patients with depression; it is available only upon the prescription of a psychiatrist. For full safety and prescribing information, visit www.NeuroStarTMS.com.
Availability of NeuroStar TMS Therapy
Treatment with NeuroStar TMS Therapy is available at over 200 treatment centers in 37 states. For information on specific treatment locations that offer NeuroStar TMS Therapy, please visit www.NeuroStar.com or call the Neuronetics Customer Service Center at (877) 600-7555.
Neuronetics, Inc. is a privately-held medical device company focused on developing non-invasive therapies for psychiatric and neurological disorders using MRI-strength magnetic field pulses. Based in Malvern, PA, Neuronetics is the leader in the development of TMS Therapy, a non-invasive form of neuromodulation. Neuronetics was created as a spinout of The Innovation Factory, a medical device incubator in Duluth, GA. For more information, please visit www.neuronetics.com.
Depression affects at least 14 million American adults each year. Researchers estimate that by the year 2020, depression will be the second leading cause of disability worldwide. Each year, over 30,000 people in the US commit suicide, 60% of which suffer from depression. The economic burden of depression in 2000 was estimated at $83.1 billion in the US. Women are almost twice as likely as men to suffer from depression. However, some experts feel that depression in men is under-reported. Depression has no racial, ethnic, or socioeconomic boundaries. About two-thirds of those who experience an episode of depression will have at least one other episode in their lives. Despite major advances in treating this debilitating illness, nearly 30% of patients with depression do not benefit from or are intolerant of antidepressant therapy.
* NeuroStar TMS Therapy® is indicated for the treatment of Major Depressive Disorder in adult patients who have failed to achieve satisfactory improvement from one prior antidepressant medication at or above the minimal effective dose and duration in the current episode.
NeuroStar®, NeuroStar TMS Therapy®, and TMS Therapy® are registered trademarks of Neuronetics, Inc.
SOURCE Neuronetics, Inc.
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