MALVERN, Pa., May 29, 2013 /PRNewswire/ -- Neuronetics, Inc., a privately-held medical device company committed to the development of innovative, non-invasive therapies to treat psychiatric conditions, announced today that it is the recipient of Red Herring's Top 100 North America Award, a prestigious accolade honoring the year's most promising private technology ventures from North America.
Neuronetics manufactures and markets the NeuroStar TMS (Transcranial Magnetic Stimulation) Therapy® System, which is a non-invasive, non-drug treatment for patients living with Major Depressive Disorder (MDD) who have not benefitted from antidepressant medication. It delivers magnetic resonance imaging (MRI)-strength, pulsed magnetic fields to stimulate nerve cells in the part of the brain thought to control mood. NeuroStar TMS Therapy has treated more than 12,000 patients since clearance by the U.S. Food & Drug Administration in late 2008.
"In 2013, selecting the Top 100 achievers was by no means a small feat," said Alex Vieux, publisher and CEO of Red Herring. "In fact, we had the toughest time in years because so many entrepreneurs have crossed significant milestones so early. But after much thought, rigorous contemplation and discussion, we narrowed our list down from hundreds of candidates from across North America to the Top 100 Winners. We believe Neuronetics embodies the vision, drive and innovation that define a successful entrepreneurial venture. Neuronetics should be proud of its accomplishment, as the competition was very strong."
Hundreds of companies in the fields of security, Web 2.0, software, hardware, life sciences, cloud, mobile and others completed submissions to qualify for the award. Red Herring's editorial staff evaluated the companies on both quantitative and qualitative criteria, such as technological innovation, management strength, market size, investor record, customer acquisition and financial health. This assessment of potential is complemented by a review of the track record and standing of startups relative to their sector peers, allowing Red Herring to acknowledge the most promising new business models in in North America.
"On behalf of the entire team at Neuronetics, I am honored to accept Red Herring's Top 100 North America Award and greatly appreciate the recognition for our company's commitment to helping the millions of patients suffering with depression," said Bruce Shook, President and CEO, Neuronetics, Inc. "With our NeuroStar TMS Therapy System, we created an entirely new therapeutic option that is giving depression patients across the globe new hope that they can get well without the side effects of antidepressant medication."
About Red Herring
Red Herring is a global media company, which unites the world's best high technology innovators, venture investors and business decision makers in a variety of forums: a leading innovation magazine, an online daily technology news service, technology newsletters and major events for technology leaders around the globe. Red Herring provides an insider's access to the global innovation economy, featuring unparalleled insights on the emerging technologies driving the economy. For more information, visit www.redherring.com.
About NeuroStar TMS Therapy®
Neuronetics' NeuroStar TMS Therapy System was cleared by the FDA in October 2008 for the treatment of MDD. NeuroStar TMS Therapy is indicated for the treatment of MDD 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 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 most common adverse event related to TMS is localized pain or discomfort at or near the treatment site. The treatment is available by prescription and typically administered daily for 4-6 weeks. For full safety and prescribing information, visit www.NeuroStar.com.
About Neuronetics, Inc.
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 NeuroStar TMS Therapy, a non-invasive form of neuromodulation. Neuronetics was created as a spin-out of The Innovation Factory, a medical device incubator in Duluth, GA. For more information, please visit www.neuronetics.com and www.neurostar.com.
SOURCE Neuronetics, Inc.