Finland-based Sooma Medical has raised €5m ($5.5m) in venture funding to expand market access for its transcranial direct current stimulation (tDCS) device for at-home treatment of depression.
The financing round was led by Finnish Venture Capital firm, Voima Ventures. The company plans to use the funds to accelerate product development and expand into new and existing markets.
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The tDCS system is a portable, patient-administered neuromodulation device that uses a mild electrical current to stimulate the brain and alleviate the symptoms of depression. The device requires a physician’s prescription and can be used as either a stand-alone treatment or as an add-on therapy. The treatment includes a daily 30-minute session for a minimum of three weeks.
The device has been approved in the European Union (EU) and was granted a breakthrough device designation by the US Food and Drug Administration (FDA). The therapy is available in over 35 countries.
The global market for neuromodulation devices was worth approximately $6.6bn in 2022 and is expected to reach over $8.9bn in 2027, as per a GlobalData market analysis.
Although being first developed for the treatment of depression, neuromodulation devices are being developed to treat a variety of neurological disorders. In October 2023, Neurovalens’ neurostimulation device, Modius Sleep, received 510(k) clearance from the US Food and Drug Administration (FDA) to treat chronic insomnia. In August 2023, Dutch startup Salvia BioElectronics treated the first patient using its implantable neurostimulation system for treatment of severe migraine and cluster headaches.
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By GlobalDataIn January, SpineX published positive results from a first-in-human study evaluating the use of its electrical neuromodulation device in a patient with cerebral palsy. After eight weeks of using SpineX’s Spinal Cord Innovation in Pediatrics (SCiP) therapy, the patient had a 14.2-point increase in gross motor function as measured by the Gross Motor Function Classification System (GMFM) score.
NeuroPace is also conducting a clinical trial to investigate its neuromodulation therapy for the treatment of idiopathic generalised epilepsy. In September 2023, PathMaker Neurosystems started an early feasibility study investigating its non-invasive neuromodulation device in patients with amyotrophic lateral sclerosis (ALS).
