Netherlands-based medical device maker GTX medical has merged with US-based medical device developer NeuroRecovery Technologies (NRT) to create a neurostimulation company with a focus on spinal cord injury (SCI).
The merged entity will be known as GTX medical BV following the deal and will focus on developing neuromodulation therapies to improve functional recovery of people with SCI.
Christopher & Dana Reeve Foundation, a North American nonprofit organisation dedicated to curing spinal cord injury, will be a shareholder in the merged company, alongside the present investors, including LSP, Inkef, Wellington Partners and GIMV.
The Reeve Foundation board member Ian Curtis will join the board of directors of the merged entity.
The entity will focus on developing Targeted Epidural Spine Stimulation (TESS), an implantable spinal cord stimulation system that offers real-time motion feedback.
Currently, in late-stage development, this system has shown to restore locomotion in a select number of patients suffering from spinal cord injuries.
Another non-invasive product under development is Transcutaneous Spinal Cord Stimulation (tSCS). It is being developed to restore upper limb movement and hand function.
GTX medical plans to continue its collaboration with physicians and clinical scientists to develop other complementary applications, which can boost functional recovery, as well as reduce neurological impairments.
GTX medical CEO Sjaak Deckers said: “People with spinal cord injuries deserve a dedicated and coordinated effort of scientists, clinicians and entrepreneurs to bring to market new therapies and products to improve functional outcomes and quality of life. Our combined organisation is dedicated and committed to improving the well-being of these individuals.”
Along with this merger, GTX medical has renewed license agreements with the University of California in Los Angeles, the California Institute of Technology and the University of Louisville. These agreements complement existing license agreements with the École Poly-technique Fédérale de Lausanne.
NRT board member Jay Shepard said: “Neurostimulation represents the single biggest breakthrough ever in creating dramatic functional recovery in patients living with SCI. With the support of the Reeve Foundation, the first worldwide organisation in SCI history will be established.”