PD Neurotechnology has secured a strategic investment from Crimson International Investment (CII), the Al Jazira Group's investment arm that specialises in fast paced and disruptive technologies. Abu Dhabi-based CII will become the exclusive distributor of PD-Monitor in the Gulf countries.
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PD Neurotechnology has developed PD-Monitor, a wearable device that tracks the full range of Parkinson's motor symptoms on an ongoing basis, coupled with information on drug and food intake. It enables physicians to tailor treatment plans based on objective data showing the patients’ status in their day-to-day lives.
In January 2023, PD-Monitor was one of five devices to be conditionally recommended for remote monitoring of Parkinson's disease to inform treatment by NICE, the National Institute for Health and Care Excellence. This decision opened the door to the use of PDMonitor by NHS patients and their physicians in the UK.
CII’s investment is part of a €2.7 million injection of working capital, which includes further funding from existing investors Onassis Foundation and Big Pi Ventures, and new investor PDNTECH Investors S.R.L., a special purpose fund managed by crowdfunding platform Seedblink, to support PD Neurotechnology's international growth plans. The funding forms part of PD Neurotechnology's Series A round, which it plans to close this year.
Nikos Moschos, co-founder and business director of PD Neurotechnology said: "We are delighted to secure further funding, as well as another strategic investor and partner to take our pioneering Parkinson's monitoring device into new markets. NICE's positive evaluation and recommendation, which supports NHS use of PDMonitor, was a big endorsement for our business and technology."
To date, more than 1,000 Parkinson’s patients have used PDMonitor to monitor their symptoms to inform treatment, in sales or clinical studies, in the UK, USA, Canada, France, Austria, Germany, Italy, Spain, Sweden, Switzerland, Ireland, Greece, Turkey, Cyprus and Israel.
Preliminary feedback from patients monitored for up to two years with PDMonitor indicates many feel their condition stabilised (43%) or improved (35%) after using it. Clinical trials have recorded very high reliability and specificity levels and symptom detection accuracy of up to 93%.
