SEOUL, South Korea and LOS ANGELES, June 14, 2021 /PRNewswire/ -- KT Corporation and NeuroSigma, Inc. jointly announced signing of a memorandum of understanding, forming a strategic partnership to develop and commercialize, inside and outside of Korea, electronic therapies treating neurological and neuropsychological disorders, including ADHD, depression, and epilepsy. NeuroSigma is the developer of the Monarch eTNS System®, which uses non-invasive external trigeminal nerve stimulation (eTNS) to treat neurological and neuropsychiatric indications, and is the first device-based, non-drug therapy approved by the FDA to treat pediatric ADHD. In addition, NeuroSigma plans to conduct additional trials for label expansion of the Monarch eTNS System in ADHD and pivotal trials for depression and epilepsy.
Through this partnership with NeuroSigma, KT will support
- the design and development of next-generation versions of eTNS products incorporating artificial intelligence (AI), big data, and cloud capabilities;
- advanced monitoring and AI analysis services, provided through KT's digital healthcare platform; and
- commercialization and manufacturing partnerships in Korea.
The partnership also contemplates a potential strategic investment by KT in NeuroSigma.
KT, a leading digital platform company, has created a digital healthcare platform, through which it has a significant, growing presence in the healthcare ecosystem. At the end of last year, KT established a new division, the Digital & Bio-Health Organization, residing within KT's Future Value Promotion Office and under direct control of CEO Koo Hyun-mo, to further advance the digital healthcare platform. Through this platform, KT is forming various partnerships with hospitals, pharmaceutical companies, academic associations, and biotech ventures and will oversee its new partnership with NeuroSigma. In addition, earlier this year, the head of the Future Value Promotion Office, Kim Hyung-wook, became chairman of Korea's Digital Health Industry Association.
Kim Hyung-wook, KT's Head of Future Value Promotion Office, said, "In Korea, digital therapy is still in its infancy, but its utility and growth potential are excellent. Starting with our strategic partnership with NeuroSigma, we will actively foster and promote digital therapeutics, including electronic drugs, as the basis of new and innovative healthcare businesses and to expand the digital therapeutics market in Korea and beyond." Mr. Kim added, "We have been impressed with NeuroSigma's eTNS System, which has already shown itself to be a safe and effective alternative to drug-based therapies. We are eager to work with NeuroSigma to integrate this industry-leading digital therapy into our growing digital healthcare platform and to develop the next generations of digital therapy."
NeuroSigma's CEO Leon Ekchian said, "We are delighted to inaugurate this partnership with KT. KT's expertise and capabilities in electronic and digital healthcare are a perfect complement for the Monarch eTNS System, which represents the convergence of medicine and electrical engineering. We look forward to working with KT to develop the next generations of the product to enhance the design, functionality, and user-experience and to unlock additional value from the technology by leveraging KT's core competencies and digital healthcare platform."
Checkmate Capital Group served as strategic and commercial advisor to NeuroSigma in connection with this transaction.
KT Corporation (KRX: 030200;NYSE: KT), Korea's largest telecommunications service provider, reestablished in 1981 under the Telecommunications Business Act, is leading the era of innovation in the world's most connected country. The company is leading the 4th industrial revolution with high speed wire/wireless networks and new ICT technology. KT launched the world's first nationwide commercial 5G network on April 3, 2019, after successfully showcasing the world's first trial 5G services at the Pyeong Chang Winter Olympic Games in February 2018. This is another milestone in KT's continuous efforts to deliver essential products and services as it aspires to be the number one ICT Company and People's Company. For more information about KT Corporation, please visit www.kt.com.
NeuroSigma is a Los Angeles, California-based life sciences company established to develop bioelectronic technologies with the potential to transform medical practice and patients' lives. It has developed the Monarch eTNS System, which is the first non-drug treatment for pediatric ADHD cleared by the FDA. NeuroSigma is focused on trigeminal nerve stimulation (TNS) bioelectronics therapies based on intellectual property, licensed on an exclusive basis from the University of California, Los Angeles (UCLA), being developed to treat a wide spectrum of neurological and neuropsychiatric disorders, including ADHD, drug-resistant epilepsy, post-traumatic stress disorder, and depression. TNS therapy operates through mild electrical stimulation of branches of the trigeminal nerve, including branches located near the surface of the forehead. Functional neuroimaging data suggests the mechanism of action of TNS is related to its ability to modulate activity in targeted brain regions. For more information about NeuroSigma, please visit www.neurosigma.com. For more information on eTNS, please visit www.monarch-etns.com.
Forward Looking Statement
This press release contains forward-looking statements, including but not limited to research and development outcomes, efficacy, adverse reactions, market and product potential, product availability and other statements regarding the Monarch eTNS System. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the companies' expectations and projections. Risks and uncertainties include, among other things, general industry and medical device market conditions; technological advances and patents attained by competitors; challenges inherent in the research and development and regulatory processes; challenges related to new product marketing, such as the unpredictability of reimbursement and market acceptance for new medical device products; inconsistency of treatment results among patients; potential difficulties in manufacturing a new product; general economic conditions; and governmental laws and regulations affecting domestic and foreign operations.
CONTACT: Leon Ekchian, PhD, President and CEO, [email protected]
SOURCE NeuroSigma, Inc.