NeuroSigma Announces a $5 Million Equity Investment by KT Corporation
08 Diciembre 2021 - 4:00AM
NeuroSigma, Inc., a bioelectronic medical device company, announced
today that KT Corporation has made a $5 million equity investment
in NeuroSigma. NeuroSigma is the developer of the
Monarch
eTNS System®, which uses non-invasive external trigeminal
nerve stimulation (eTNS) to treat neurological and neuropsychiatric
indications, including ADHD, depression, and epilepsy. The therapy
is the first device-based, non-drug therapy approved by the FDA to
treat pediatric ADHD. Investment proceeds will be used to fund the
pilot commercialization of the Monarch eTNS System in the U.S.,
development of the next generation of the eTNS device, additional
clinical studies, and application for expanded regulatory approvals
in the U.S. and other territories.
KT, an international digital telecommunications company based in
Seoul, South Korea, has selected the digital healthcare sector as
one of its next leading businesses. In partnership with major
hospitals, pharmaceutical companies, academic associations, and
biotech ventures, KT has successfully constructed a digital
healthcare ecosystem and will continue to expand with global
collaborations.
The equity investment follows the announcement in June 2021 of a
digital health partnership between NeuroSigma and KT. Through this
existing partnership, the two companies will endeavor together to
develop the next generations of eTNS products incorporating
artificial intelligence (AI), big data, and cloud capabilities;
advanced monitoring and AI analysis services, provided through KT's
digital healthcare platform; and pursue commercialization and
manufacturing partnerships in Korea.
“We are excited and proud to expand NeuroSigma’s investor base
and deepen our strategic relationship with KT,” said NeuroSigma's
Vice President, Dr. Colin Kealey. “These investment proceeds will
allow us to advance the commercialization and further development
of the Monarch eTNS System, which is at the leading edge of the
convergence of medicine and electrical engineering. We look forward
to our ongoing relationship with KT, with whom we expect to make
important innovations in wearable bioelectronics and digital
healthcare.”
“Through this investment, we will seek mutual growth of the two
companies and support the Monarch eTNS System’s commercialization,
development of additional digital therapeutic indications, and
acceleration of NeuroSigma’s business growth trajectory,” said
Jae-ho Song, KT’s Senior Executive Vice President and Head of the
AI/DX Convergence Business Group. “KT will fully support NeuroSigma
with our competitive technologies in the fields of AI, Big Data,
and Cloud to globally expand the capabilities of both KT’s digital
health business and NeuroSigma’s neuro-electronic solutions.”
Concurrently with the closing of KT’s investment, NeuroSigma
completed substantial debt-to-equity conversions, involving
significant institutional holders and giving the company a strong
balance sheet for future growth.
Checkmate Capital Group served as strategic and
commercial advisor to NeuroSigma in connection with this
transaction. Haynes and Boone, LLP served as
legal counsel to NeuroSigma.
About NeuroSigma
NeuroSigma is a Los Angeles, California-based life sciences
company established to develop bioelectronic technologies with the
potential to transform medical practice and patients' lives. It has
developed the Monarch eTNS System, which is the first non-drug
treatment for pediatric ADHD cleared by the FDA. NeuroSigma is
focused on trigeminal nerve stimulation (TNS) bioelectronics
therapies based on intellectual property, licensed on an exclusive
basis from the University of California, Los Angeles (UCLA), being
developed to treat a wide spectrum of neurological and
neuropsychiatric disorders, including ADHD, drug-resistant
epilepsy, post-traumatic stress disorder, and depression. TNS
therapy operates through mild electrical stimulation of branches of
the trigeminal nerve, including branches located near the surface
of the forehead. Functional neuroimaging data suggests the
mechanism of action of TNS is related to its ability to modulate
activity in targeted brain regions. For more information about
NeuroSigma, please visit www.neurosigma.com. For more information
on eTNS, please visit www.monarch-etns.com.About KT
Corporation (KRX:030200; NYSE:KT)
KT Corporation, an international digital telecommunications
company, reestablished in 1981 under the Telecommunications
Business Act, is leading the era of innovation in the world's most
connected country. The company is leading the 4th industrial
revolution with high-speed wire/wireless networks and new ICT
technology. KT has selected Digital Health, AI, BigData, Cloud,
Robot, etc as its next leading businesses. This is another
milestone in KT's continuous efforts to deliver essential products
and services as it aspires to be DIGICO KT. For more information
about KT Corporation, please visit www.kt.com.
CONTACT: Colin Kealey, M.D., Vice President at
CKealey@neurosigma.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ad7b436f-f3e0-414f-88dc-f95df23fecd5
KT (NYSE:KT)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
KT (NYSE:KT)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024