US-based medical device company Neuronetics closed a $34.3m series F round yesterday backed by Pfizer Venture Investments and GE Ventures, the respective corporate venturing arms of drugs producer Pfizer and conglomerate General Electric.
The company did not disclose the other investors in the round, disclosing only that the syndicate consisted of its original investor base.
Apart from Pfizer, Neuronetics’ existing investors are Polaris Venture Partners, Investor Growth Capital, New Leaf Venture Partners, Three Arch Partners, Interwest Partners, Onset Ventures, Quaker BioVentures, Accuitive Medical Ventures and KBL Healthcare Ventures.
Neuronetics’ transcranial magnetic stimulation (TMS) technology is a drugs-free treatment for patients suffering from major depressive disorder who have not found any relief from antidepressant medication.
The technology, which is non-invasive and uses MRI-strength magnetic field pulses, has been granted regulatory approval in the US.
Pfizer previously invested in Neuronetics’ $30m series E round in 2011. Neuronetics has raised a total of $171.5m since it was founded in 2003, according to regulatory filings.
The latest funding will be used to increase accessibility to TMS, and will support Neuronetics’ efforts to have its treatment covered by more insurance providers. The company will also begin a study to investigate the efficiency of TMS among younger patients aged 12 to 21.