US-based medical device developer Taj Medical secured $14m in funding yesterday from healthcare research and development company PureTech, an undisclosed institutional investor and several unnamed individual investors.
Taj was launched by PureTech in 2011 with $700,000 of debt financing and is working on a device that uses low field magnetic stimulation on the brain to treat psychiatric disorders such as major depressive disorder and bipolar depression.
Jan Skvarka, Taj’s president and chief executive, said: “Our new and existing investors understand the game-changing potential for Tal Medical to help people living with depression, bipolar disorder and other psychiatric disorders.
“Their support is critical to advancing our efforts towards addressing a major unmet need in psychiatry by developing a safe, rapid-acting treatment for patients.”
The funding will support the advancement of Taj’s clinical research programmes for major depressive and bipolar disorders, as well as product development and the building of the company’s organisation.