Edinburgh medtech company Manus Neurodynamica has closed a £1.2 million funding round to support the launch of its digital pen which provides an early warning of Parkinson’s disease.
Following the investment, Manus revealed it will commence the roll-out of its NeuroMotor Pen later this year. Initially, the firm said it will focus on the UK and Benelux markets while also progressing work to secure regulatory approval to start selling in US.
Investors in the round included the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, SIS Ventures and Old College Capital, the University of Edinburgh’s venture fund.
To date, the company has secured £5 million in funding, including a £750,000 financing round in May last year.
Around 145,000 people live with Parkinson’s in the UK and it’s the fastest-growing neurological condition in the world.
According to Manus, the NeuroMotor Pen could revolutionise the diagnosis of Parkinson’s disease. The device employs sensors linked with analytical software which analyses the slightest limb and hand movements to help doctors assess whether a patient has early signs of Parkinson’s or other neurological conditions.
In addition to providing a quick and inexpensive aid to diagnosis, the product also helps with the ongoing monitoring of those conditions.
Led by CEO Dr Rutger Zietsma, Manus has spent over 10 years developing the product, from concept through to manufacture and roll-out. In January last year, the firm signed a five-year contract with stationery brand Stabilo to manufacture the pens in Germany.
Commenting on the funding round, Zietsma said: “2021 looks set to be an extremely busy year for Manus.
“Having spent more than 10 years developing, trialling and refining our first product, we can finally look forward to seeing our NeuroMotor Pens implemented more broadly and making a real difference to the lives of people living with Parkinson’s and other neurological conditions”
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Rob Halliday, Fund Manager at SIS Ventures added: “Manus is one of Scotland’s most promising early-stage medtech companies, with the potential to make a huge impact.
“With its disruptive technology, mission-led approach, and ambitious management team, Manus is exactly the kind of business we look to invest in at SIS Ventures.”
Manus is currently in advanced talks to supply the pens to a leading UK-based primary care group, following a development contract with NHS England to develop a version that can be used in GP surgeries.
The pen has passed clinical trials with the NHS in the north-east of England and Scotland and is currently being used by Northumbria NHS Foundation Trust.
Rick Charnley, Investment Manager, Northstar Ventures commented: “Having originally been involved with the company via a previous investment used to develop the initial prototype, we’ve been impressed with the team’s enhanced mission and are delighted to support the Company further.”