US-based medical device company Endonovo Therapeutics has signed a binding letter of intent (LOI) to acquire a clinical stage developer of non-invasive electroceuticals, Rio Grande Neurosciences (RGN).

These electroceuticals are designed to treat neuro-inflammation and central nervous system diseases and disorders.

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The LOI is subject to the execution of a definitive purchase agreement, shareholder approvals from both companies and Endonovo raising additional capital.

"The combined company creates greater shareholder value for both RGN and Endonovo and will further establish Endonovo at the forefront of bioelectronic medicine."

The company will invest $21.5m to acquire RGN and its assets.

Endonovo chairman and CEO Alan Collier said: "We believe this acquisition will significantly increase Endonovo's trajectory as we continue developing our non-invasive treatments for acute inflammatory conditions in vital organs.

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"We are impressed with Rio Grande Neuroscience's scientist team and their collective ability to build a portfolio of cutting edge treatments utilising BioElectronics medicine.

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“The combined company creates greater shareholder value for both RGN and Endonovo and will further establish Endonovo at the forefront of bioelectronic medicine.

With the acquisition, Endonova will have access to RGN’s portfolio of non-invasive brain stimulation technologies like multi-coil rTMS System to treat resistant major depressive disorder (MDD), the US Food and Drug Administration (FDA) approved devices to treat pain and edema as well as Multiple Therapeutic Clinical Studies in Neurological Diseases and Disorders.

RGN’s portfolio also features technologies like closed-loop Transcranial Electrical Stimulation (cl-TES).

Its devices are currently being leveraged to treat a range of ailments including traumatic brain injury, acute concussion, post concussion syndrome and multiple sclerosis.