BOSTON, Oct. 16, 2015 /PRNewswire/ -- Vittamed Corporation, a neurodiagnostic company that has developed a novel non-invasive intracranial pressure monitor announced that it has secured $10M in Series A financing by Xeraya Capital Labuan Ltd ("Xeraya Capital") via a special purpose vehicle led the investment round (committed $8M) with additional commitment from an existing investor Imprimatur Capital and other investors. The funding will support product launch in Europe, Australia, and other countries, a 510k submission to the FDA, and commercialization in the US.
Vittamed's first commercial product is a system for non-invasive measurement of intracranial pressure (ICP). The technology has been extensively tested in European clinical trials and received the CE Mark. The National Space Biomedical Research Institute (NSBRI) has conducted a study in the US in order to use Vittamed system to assess intracranial pressure in astronauts.
Prolonged elevations in ICP are associated with neurological damage and cognitive impairment. Above a certain level, they can lead to irreversible damage and death. While invasive intracranial pressure monitoring has been available for many years, non-invasive measurement has been an elusive goal. The introduction of a non-invasive intracranial pressure measurement device is expected to reduce the risks and costs of this neurodiagnostic procedure, and widen its application and its uses.
"Intracranial pressure measurement is a standard of care in the assessment of brain injury," said Fares Zahir, CEO of Xeraya Capital. "We believe the innovative, noninvasive methods developed by Vittamed will allow the widespread use of safe and cost effective assessments of intracranial pressure in traumatic brain injury, hydrocephalus and stroke."
Vittamed's technology is based on the use of ultrasound probes to measure blood flows within the ophthalmic artery. This technique has been proven comparable to existing invasive measurement methodologies, including intraventricular catheters and lumbar puncture, in multicenter trials. Studies have demonstrated Vittamed's device to be safe, accurate and precise and it does not require individual calibration.
"The financial support and expertise of Xeraya Capital will help us accelerate Vittamed's commercial launch. We are excited about our potential to better diagnose and manage patients with many neurological conditions, including traumatic brain injury, hydrocephalus, stroke, and space occupying lesions including brain tumors, said Vittamed CEO Dr. Remis Bistras. We are deeply appreciative of Xeraya's commitment to improving patient care, their support of our vision and their leadership in this round of funding."
Vittamed is a commercial stage neurodiagnostic company based in the Boston area with research and manufacturing operations in Lithuania. Vittamed has developed a platform of innovative noninvasive devices: Vittamed 205 non-invasive intracranial pressure (ICP) system that does not require patient specific calibration; and Vittamed 505 non-invasive bedside monitor for assessing cerebrovascular autoregulation. Both devices have CE Mark approval.
To learn more about Vittamed, please visit http://www.vittamed.com
Remis Bistras, CEO
SOURCE Vittamed Corporation