Sooma Closes an Investment Round of Over 1.2 Million EUR

HELSINKI, Dec. 18, 2019 /PRNewswire/ -- Sooma Medical Ltd, a Finnish medical device company developing non-invasive brain stimulation devices for treatment of neurological and psychiatric disorders, works with Finnish and Italian Angels members to secure a new investment of 1.0 million Euro in equity, along with a 250,000 Euro grant by Business Finland.

Since its establishment in 2013, Sooma has been working closely with leading experts in psychiatry and clinical neurophysiology to provide better care for depression and chronic pain. The board and advisors are seasoned medical and healthcare technology experts with successful backgrounds in corporate leadership and entrepreneurship.

Sooma's safe and effective depression therapy technology modulates neuronal activation in the frontal areas of the brain. The therapy provides a faster and more effective recovery from depression than antidepressant medication and is not associated with any serious or systemic side effects, making it a safe and effective treatment for situations when medication cannot be used. The painless therapy can be self-administered by the patient at home, and after about three weeks of completing one 30-minute session per day, Sooma's solution helps more than 60% of patients to obtain a treatment response, reducing the symptoms of their depression, with more than 20% of patients reaching full remission, even starting from severe depression. 

Tuomas Neuvonen CEO & co-founder of Sooma Medical Ltd declared: "I would like to thank Athensmed and Italian Angels for Growth for demonstrating their trust in Sooma with this investment, as well as our previous investors for their support in our mission. We are also thankful for Business Finland for their continued support. Our solution, a medication-free treatment for clinical depression, is already improving the standard of care and reducing costs in the most forward-looking care centers in Europe and other selected markets. This newest funding will help us to reach the next milestone in our journey as the leading provider of home-based neuromodulation therapies."

Kustaa Piha, CEO and investor of Athensmed, who strongly believes in this project, said: "I'm very happy for the possibility to invest in Sooma. As a medical doctor, I see the urgent need for Sooma's product. As an investor, I'm happy for the strong development of the company and great steps in building international sales."

"We have been impressed by the efficacy shown by Sooma in clinical practice and are very happy to invest in a non-invasive, drug-free solution for treating depression. This is the 13th foreign investment by the members of Italian Angels for Growth and is a strong indication of the world-class level of the management team in Sooma," declared Michele Marzola and Carlo Brunetti, IAG members and Champions of the investment in Sooma.

Antonio Leone, Chairman of Italian Angels for Growth: "We really appreciate the team's strong background and the results already achieved in creating this innovative drug-free treatment for pain and depression. We are very excited to add this investment into IAG members' portfolio."

Sooma Medical Ltd is developing, manufacturing and marketing a non-invasive therapy device for neurological and psychiatric disorders (depression and chronic pain). Sooma uses transcranial direct current stimulation (tDCS) technology. Sooma technology is trusted by over 100 clinics worldwide. Their first product is the first portable device approved for the treatment of major depressive disorder (MDD). The device is CE-approved and currently marketed in the EU and other selected markets. Their quality management system has been awarded with ISO 13485:2016 and MDSAP certificates. In the U.S. the FDA limits the use of the tDCS for investigational use only. Sooma products are distributed in over 30 countries. 

Italian Angels for Growth (IAG), founded in 2007, is the largest business angel network in Italy. 214 players from the entrepreneurial, financial, and managerial worlds invest time, skills, and capital to facilitate the growth of innovative startups. In more than 10 years of activity, IAG has analyzed over 5,000 investment opportunities. This has led to the closing of 83 deals for a total of €151 million invested by IAG members, as well as by co-investors. IAG's business angels financially support innovative projects by investing their capital but also use their vast mix of expertise to support startup founders in defining all aspects of the business model.

Athensmed is a Family Office based in Helsinki, Finland. It invests in early-stage growth companies and brings added value to them, thanks to its solid investment experience and strong vision on healthcare. Athensmed's Founder and CEO, Kustaa Piha, has 15 years of experience in private healthcare – both successful service companies and product innovations. Currently, Athensmed has seven companies in its portfolio and is actively looking for innovative medtech and digital health companies.

For more information:

SOOMA

Tuomas Neuvonen

CEO & Founder

TEL: +358 10 328 9811

[email protected]

ITALIAN ANGELS FOR GROWTH

Communication Manager

Maria Cristina Mirabello

M: +39 02 76022952

[email protected]

ATHENSMED

Kustaa Piha

CEO & Investor

TEL: +358 50 359 6835

[email protected]

SOURCE Sooma Medical Ltd