Manus Neurodynamica, which develops and markets products for neuromotor assessment, has closed a £750,000 financing round led by Par Equity with support from the Scottish Investment Bank, the investment arm of Scottish Enterprise, and Old College Capital, the University of Edinburgh's venture fund.
The investment in Manus is the third that Par Equity has made since its recent partnership with British Business Investments through the Regional Angels Programme.
The investment closed at the end of May and will allow Manus to grow the team to support the commercial roll-out into the global clinical and clinical trials markets, to add new clinical indications and to develop the next generation of products.
Robert Higginson, partner at Par Equity, said: “Par Equity first invested in Manus Neurodynamica in 2018 and we are delighted to continue supporting it as one of Scotland’s up and coming healthtech start-ups. The company has developed a platform that dramatically improves the overall efficiency of the Parkinson’s disease diagnosis pathway in both primary and secondary care. The technology also has potential applications in adjacent fields in Neurology. Manus is well placed to execute on this strategy and through our EIS Fund, our Private Investor Network, the British Business Investments and the Scottish Investment Bank we are able to draw on a breadth of firepower to support our portfolio.”
Manus’ flagship product is the NeuroMotor Pen – a platform technology that can diagnose Parkinson’s disease and other movement disorders.
The product is a diagnostic system which combines sensor technologies built into a digital pen with associated proprietary analytical software to capture and analyse the slightest limb and hand movements. These measurements provide information about movement abnormalities, equipping doctors and clinicians with a non-invasive, early detection and monitoring tool kit for Parkinson’s disease and other neurological diseases. The CE marked system is suitable for home-use and can be administrated by non-experts.
The company has sold a number of systems to hospitals, including NHS Northumbria, having completed successful clinical trials with the NHS both in the north east of England and Scotland, as well as international sales in the Netherlands. Manus also secured a development contract with NHS England through the SBRI process to develop a version that can be used in GP surgeries and other primary care clinics, which has been successfully delivered.
Dr Rutger Zietsma, chief executive officer of Manus Neurodynamica, said: “We are excited to be working with Par Equity and our other new shareholders to accelerate the commercialisation of our neuromotor assessment technology. From our very first meeting it was obvious that we and Par Equity shared a vision of the global potential for the product, not just in Parkinson’s disease but in many other clinical indications.”
