Healthtech firm Manus Neurodynamica has secured £2.6m to commercialise its neuromotor disorder diagnosis tool.
The Newcastle and Edinburgh-based firm has been supported by existing investors including the North East Innovation Fund, supported by the European Regional Development Fund, and managed by Northstar Ventures co-leading the round with Par Equity and involvement from SIS Ventures, Scottish Enterprise and Old College Capital. The funds will be used to help market its NeuroMotor Pen device which can support diagnosis and monitoring of neuromotor disorders including Parkinson's disease through measurement of fine motor skills.
Manus says the money will support its push into the EU pharmacy retail sector having already signed an agreement this month with Italian wellness firm Medispa to integrate the NeuroMotor Pen with its services. And funds will also support the firm's application for US FDA regulatory clearance and progressing its US trials.
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Manus recently received funding from healthcare giant Johnson & Johnson to extend the NeuroMotor Pen's use in immunotherapy. The firm said the backing would also support development of the pen for use with other neurological conditions, such as Alzheimer’s disease.
Dr Rutger Zietsma, CEO of Manus, said: "I’d like to thank Manus’ existing investors for supporting the Company’s commercialisation programme of our unique NeuroMotor Pen, building on previous support we received in 2021. This year is set to be an exciting one, with partnerships already secured, and we truly believe our non-invasive and CE-marked product can have a huge impact on patients and tackle the unmet need for a quick, inexpensive device that can detect neurological conditions, particularly given the aging global population."
Richard Charnley, investment director of Northstar Ventures, added: “At Northstar Ventures we back businesses that are reimagining the future of healthcare, with a particular focus on healthy ageing. Having relocated its North East office from Durham to Gosforth in Newcastle to accommodate a growing team, we are excited by the potential impact Manus can have on those with neurological conditions and we were delighted to further support its mission.”
Alastair Moore, senior investment manager at Par Equity added: “Manus is rapidly establishing itself as a go-to diagnostic for neurological conditions and with funding secured to now obtain US regulatory clearance off the back of achieving FDA breakthrough status, the next 18 months promise to be transformational. The NeuroMotor Pen’s ability to rapidly and non-invasively determine whether an individual requires further care has potential to deliver enormous efficiency gains for health systems while enabling the individual to have clarity on the meaning of their symptoms within minutes.”
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