MALVERN, Pa., June 6, 2017 /PRNewswire/ -- Neuronetics, Inc., a privately held medical device company widely recognized as the market-leader in transcranial magnetic stimulation (TMS) therapy, announced today that it has closed on a $15 million Series G funding round from its existing investor base and new investor Ascension Ventures, a prominent strategic healthcare fund with many of the nation's leading non-profit health care systems as limited partners.
The Series G funding comes at a time when NeuroStar® Advanced Therapy is making major strides in improving access to its non-drug technology for adult patients with Major Depressive Disorder (MDD). With widespread insurance coverage and enhanced scheduling convenience as the only FDA-cleared TMS treatment that can be delivered in under 19 minutes*, NeuroStar Advanced Therapy has delivered 1.4 million treatments to more than 50,000 patients, providing greater accessibility to a growing patient population.
"We are pleased to welcome Ascension Ventures as a new investor and are proud of the support we continue to receive from the venture capital firms that currently invest in NeuroStar," said Chris Thatcher, President and CEO of Neuronetics. "Investors continue to recognize the transformative work we are doing with NeuroStar Advanced Therapy in helping patients with Major Depressive Disorder, and see the broad potential in expanding access to this important therapy to the more than four million treatment-resistant adults living with depression who aren't currently benefiting from their current antidepressant treatment plans. With the recent launch of our next generation NeuroStar system and the broad-based support we are receiving from doctors, patients and insurance companies, the future is bright at Neuronetics."
Neuronetics' Series G funding demonstrates the market's desire for innovative, effective and convenient treatment protocols for MDD.
"We are confident Neuronetics will play an important role in how clinicians treat MDD in the future," said Rubal Bedi, Investment Director at Ascension Ventures. "Neuronetics offers an innovative treatment that is helping thousands of people achieve remission from depression. We are excited to support the management team of Neuronetics and believe accelerating the market adoption of NeuroStar Advanced Therapy is the right choice for patients and clinicians."
In addition to its newest investor, Ascension Ventures, Neuronetics works with venture capital firms in the life sciences industry, including Accuitive Medical Ventures, GE Ventures, Interwest Partners, Industry Ventures, Investor Growth Capital, KBL Healthcare Ventures, New Leaf Venture Partners, Onset Ventures, Pfizer, Polaris Venture Partners and Three Arch Partners. All firms participated in the Series G financing.
To learn more about Neuronetics, Inc. and NeuroStar Advanced Therapy, 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, Inc. is the leader in transcranial magnetic stimulation (TMS) with its development of NeuroStar® Advanced Therapy, a noninvasive form of neuromodulation. For more information, please visit www.neurostar.com.
NeuroStar® is a registered trademark of Neuronetics, Inc.
About Ascension Ventures
Ascension Ventures (www.ascensionventures.org) is a strategic healthcare venture firm with four funds and more than $800 million in capital under management. The firm is a wholly owned subsidiary of Ascension, the nation's largest Catholic and non-profit health system. Ascension Ventures' role is to construct and manage a strategic portfolio of investments that deliver venture-level investment returns, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. Its health system limited partners operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue.
*Treatment time may vary depending on doctor's recommendation.
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SOURCE NeuroStar Advanced Therapy