HERZLIYA, Israel, March 7, 2019 /PRNewswire/ -- elminda Ltd, a leading brain technology company, was awarded by the European Commission multi-million € to bring its breakthrough technology to European patients suffering from depression. Over 50 million Europeans are suffering from depression, a devastating disease with significant social and financial impact on the European community. Depression is the number one cause of disability and accounts for more than 30% of the total cost associated with brain related diseases. Depression is one of the only diseases with increasing mortality rates.
Selecting the right treatment for depressive patients presents an enormous challenge for doctors and success rate is less than 50%. elminda's brain analytics product, the BNA-PREDICT, was developed to predict responsiveness to both antidepressants and neurostimulation treatments and help physicians select the most effective anti-depressant treatment and monitor treatment effect directly in the brain for patients suffering from depression. The use of BNA-PREDICT increases treatment effectiveness, reduces healthcare costs as well as reduces mortality from the disease.
The two-year award was granted to elminda through the prestigious Horizon 2020's phase 2 Small and Medium-sized Enterprise (SME) instrument, which targets ground breaking innovations that have the potential to profoundly impact the EU economy and global healthcare. Phase 2 requests had a success rate of 3.6%.
The award will be used to solidify further development of elminda's BNA-PREDICT technology and product, as well as to deploy a multi-center clinical study focused on optimization of anti-depressant treatment decisions for patients suffering from depression. The clinical study will be conducted in collaboration with leading research and clinical centers in Israel, Germany, Switzerland and Italy.
"We are excited by the continued vote of confidence of the European Commission," said Ronen Gadot, CEO of elminda. "This award will allow us to strengthen our collaboration with clinical key opinion leaders and industry partners, with the goal of further solidifying the clinical utility and cost effectiveness of BNA-PREDICT in improving the practice in the treatment of mental disorders".
The EIC supports top-class innovators, start-ups, small companies and researchers to scale up internationally. Between 2018 and 2020 the EIC pilot will provide €2.7 billion to breakthrough, market-creating innovations via four programs (including the SME Instrument); opportunities for networking, mentoring and coaching; and strategic advice to upgrade the innovation ecosystem in Europe. The SME Instrument is part of the EIC pilot, providing about €1.6 billion in funding over the period 2018-2020 and available to SMEs only.
elminda is an emerging biotechnology company dedicated to paving a path to better brain health by integrating big-data repositories, AI and machine-learning algorithms with its proprietary BNA platform. BNA is an electro-physiology based functional brain mapping, imaging and monitoring technology for the early detection of potential abnormalities due to aging or incidence, as well as for monitoring the progress and impact of interventions, including lifestyle changes. elminda's BNA technology is enabling the creation of new standards for the assessment and treatment of brain disorders such as AD, Depression and chronic pain. BNA is available for commercial and clinical use in the U.S., EU, and Israel per specific intended usage per region.
SOURCE elminda Ltd