Nia Therapeutics raises $1.5M to finalize design of device for restoring memory
Radnor, PA — August 27, 2020
Nia Therapeutics, Inc (“Nia”), developer of implantable brain stimulation technology to restore memory function to patients with memory impairment, announced today that it has closed $1.5M in new financing to expand its engineering team and finalize the design of its implantable neuromodulation platform.
Over six million Americans are living with memory impairment resulting from traumatic brain injury and neurodegenerative diseases, such as Alzheimer’s. Nia is developing the Smart Neurostimulation System (SNS) to treat these patients. The SNS is a closed-loop neurostimulation system, powered by artificial intelligence, which senses the brain activity related to memory and stimulates the brain using gentle pulses of electricity to restore good memory function.
“Over the past year, we’ve made excellent progress developing the Nia Smart Neuromodulation System.” said Daniil Utin, Nia’s CTO. “Last June, we acquired an integrated circuit for sensing and stimulating the brain and we have now successfully integrated that chip into our bench-top prototype. This new financing, which brings us to $4M raised overall, will allow us to expand our engineering team, finalize the design of our device, and develop the next version of our prototype demonstrating full clinical functionality.”
Dan Rizzuto, Nia’s CEO, continued: “Raising a new round of funding in such a difficult time is a testament to our team’s continued progress and the steadfast vision of our investors. Not only have we made excellent technical progress, but we have made regulatory progress as well. We met with the FDA twice over the past year and received thoughtful feedback from the Agency in both meetings. Based on this feedback, we now have a clear line of sight to begin clinical trials as soon as we finish product development.”
About Nia Therapeutics
Nia Therapeutics is developing first-in-class therapeutic devices to restore memory function in patients with memory impairment. The company has developed a proprietary neurotechnology platform to interpret the complex brain activity related to memory, which provides a personalized therapy for each patient. Nia’s technology has been shown to improve human memory by restoring the brain activity associated with good memory. Nia’s Smart Neurostimulation System represents the next generation of brain stimulation devices: smart, connected, and powered by artificial intelligence. Nia’s near-term focus is on restoring memory function in patients with memory impairment due to traumatic brain injury. US Headquarters are in Radnor, PA. For more information, visit niatherapeutics.com