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Manus secures £2.6m to support the commercialisation of NeuroMotor Pen™

Manus secures £2.6m to support the commercialisation of NeuroMotor Pen™

Hekla Goodman

May 25 2023

Manus announces that it has closed a £2.6m funding round to support the commercialisation of its innovative NeuroMotor Pen™

Existing investors supported the £2.6m investment round including the North East Innovation Fund, supported by the European Regional Development Fund, and managed by Northstar Ventures coleading the round with Par Equity with participation from SIS Ventures, Scottish Enterprise and Old College Capital.

The funding will allow Manus to continue its launch into the EU pharmacy retail sector, focused on prevention screening, and global clinical markets, helping to differentiate between Parkinson’s and other movement disorders, aiding the patient pathway and reducing costs. Manus has already made solid progress here having signed an agreement earlier this month with Medispa, an Italian provider of wellness management systems and services, to integrate the NeuroMotor Pen™ with Medispa’s Prevention Suite, an integrated platform of health services aimed at monitoring the health and wellbeing of patients. The funds will also support the Company’s application for US FDA regulatory clearance and progressing its US trials, as well as further developing and implementing its US commercialisation strategy.

The Company recently announced it has received funding from Johnson & Johnson Innovation to further the utility of the NeuroMotor Pen™ into immunotherapy. Although funding has been received directly from J&J to undertake a clinical trial for the detection of neuromotor adverse effects following CAR T-cell therapy, the funding round will support optimising the configuration of the NeuroMotor Pen™ for this indication. Furthermore, it will support development of the pen in other neurological conditions, such as Alzheimer’s disease

Dr Rutger Zietsma, CEO of Manus, commented: “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, stated: “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.”

Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Encouraging innovative firms such as Manus to commercialise and scale is a priority for Scottish Enterprise. The NeuroMotor Pen™ developed by Manus aids clinicians in determining neurological conditions in a non-evasive manner and this investment will allow the company to progress this technology further, delivering potential growth opportunities and medical advances in the process.”

Enquires

Manus Neurodynamica Ltd
Dr Rutger Zietsma, Chief Executive Officer
+44 131 563 5465
[email protected]
Walbrook PR (PR advisors to Manus)
Lianne Applegarth / Phil Marriage
+44 20 7933 8780
+44 7584 391 303 / +44 78 67 984 0 82
[email protected]
Gardiner Richardson (PR advisors to North East Fund)
Nicky Dawson / Kristen Watson
0191 261 4250
+44 7393 212 515 / +44 7718 065 696
[email protected]

Notes to Editors

About The North East Fund

The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.

About the European Regional Development Fund

The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.

About the European Investment Bank

The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm

 

 

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