Neurovalens has received medical device clearance from the US Food & Drug Administration (FDA) to treat chronic insomnia with its Modius Sleep device.
Based in Belfast, Neurovalens is a healthtech company that specialises in combining neuroscience and technology to tackle a range of global health challenges.
The company’s medical devices have been designed to deliver non-invasive electrical stimulation to key areas of the brain and nervous system without the need for surgically implanted electrodes.
Modius Sleep is designed to improve insomnia by delivering a small and safe electrical pulse to the head for a period of 30 minutes before bed, during which users can do other activities, such as watching TV or reading.
The decision by the FDA was secured following a robust Phase III / Pivotal clinical trial carried out in the UK and Ireland by Ulster University and in Hong Kong by PolyU University. Neurovalens now plans to enter discussions with insurance providers to achieve reimbursement status, so patients can access the treatment on their medical insurance.
Dr Jason McKeown, CEO of Neurovalens, said: “Having the Modius Sleep technology as a certified medical device for the treatment of chronic insomnia is a landmark step for the company as we focus on future growth in the US market. Most other products on the market measure symptoms of insomnia, but Modius Sleep is a non-invasive device that actually treats the underlying issue, improving the lives of our patients.
“We believe that the low risk, non-invasive therapeutic intervention offered by Neurovalens technology will be truly transformative for a range of serious medical conditions and, having carried out extensive clinical trials in the US and Northern Ireland, we’re really excited to be moving to this next stage.”
The company continues to run clinical trials on the effectiveness of its drug-free technology in treating other conditions and has approvals pending for the treatment of anxiety and obesity.
Last year Neurovalens took part in the MedTech Innovator competition, a global accelerator programme and showcase for innovative medical device, digital health and diagnostic start-ups.
To date, Neurovalens has raised around £11 million in equity funding from UK investors including Wharton Asset Management, IQ Capital, Techstart Ventures, Angel Co Fund, Beltrae Partners, Clarendon Fund Management and British Business Bank. A Series B funding round is being planned for 2024.
