Manus Neurodynamica, a medical technology firm based in Edinburgh, has secured £750,000 in funding for its digital pen technology which provides an early warning of Parkinson’s disease.
The company says it intends to use the funding to grow its business, grow its product list, expand its team and move towards US clinical trials.
This funding round was led by Par Equity alongside Scottish Investment Bank and Old College Capital.
The NeuroMotor Pen (NMP) uses a combination of sensors built into the digital pen with software and an analytical engine supported by a Decision Support System.
Users can record and analyse limb and hand motion, enabling quantification of fine motor skill. Digital biomarkers are then created to provide objective information about anomalies in movement.
Manus Neurodynamica says the tech can be used to diagnose and monitor Parkinson’s Disease as well as other neuromotor illnesses. Long-term, it also has the potential to be an inexpensive and non-invasive aid to diagnosis.
It has passed clinical trials with the NHS in both the north-east of England and is currently in use by NHS Northumbria and medics in the Netherlands.
Manus chief executive Dr Rutger Zietsma commented: “We are excited to be working with Par Equity and our other new shareholders to accelerate the commercialisation of our neuromotor assessment technology.
“From our very first meeting, it was obvious that we and Par Equity shared a vision of the global potential for the product, not just in Parkinson’s disease but in many other clinical indications.”
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Par Equity partner Robert Higginson said: “Par Equity first invested in Manus Neurodynamica in 2018 and we are delighted to continue supporting it as one of Scotland’s up and coming healthtech start-ups.
“The Company has developed a platform that dramatically improves the overall efficiency of the Parkinson’s disease diagnosis pathway in both primary and secondary care. The technology also has potential applications in adjacent fields in neurology.
“Manus is well placed to execute on this strategy and through our EIS Fund, our private investor network, the British Business Investments and the Scottish Investment Bank, we are able to draw on a breadth of firepower to support our portfolio.”
Scottish Investment Bank director Kerry Sharp added: “Manus Neurodynamica has enjoyed positive outcomes in clinical trials at home and internationally, and we are happy to provide continued support to the company through the next stage of its growth plans.”