Manus secures £2.6m to support the commercialisation of NeuroMotor PenTM
Scottish Enterprise provides investment to support company's scaling ambitions
Manus Neurodynamica Limited (“Manus”), which develops and markets products and technologies for neuromotor assessment, announces that it has closed a £2.6m funding round to support the commercialisation of its innovative NeuroMotor PenTM – a medical device to aid diagnosis and monitoring of neuromotor disorders including Parkinson’s disease.
Existing investors supported the £2.6m investment round including the North East Innovation Fund, supported by the European Regional Development Fund, and managed by Northstar Ventures coleading the round with Par Equity with participation from SIS Ventures, Scottish Enterprise and Old College Capital.
The funding will allow Manus to continue its launch into the EU pharmacy retail sector, focused on prevention screening, and global clinical markets, helping to differentiate between Parkinson’s and other movement disorders, aiding the patient pathway and reducing costs. Manus has already made solid progress here having signed an agreement earlier this month with Medispa, an Italian provider of wellness management systems and services, to integrate the NeuroMotor PenTM with Medispa’s Prevention Suite, an integrated platform of health services aimed at monitoring the health and wellbeing of patients. The funds will also support the Company’s application for US FDA regulatory clearance and progressing its US trials, as well as further developing and implementing its US commercialisation strategy.
The Company recently announced it has received funding from Johnson & Johnson Innovation to further the utility of the NeuroMotor PenTM into immunotherapy. Although funding has been received directly from J&J to undertake a clinical trial for the detection of neuromotor adverse effects following CAR T-cell therapy, the funding round will support optimising the configuration of the NeuroMotor PenTM for this indication. Furthermore, it will support development of the pen in other neurological conditions, such as Alzheimer’s disease
Dr Rutger Zietsma, CEO of Manus, commented: “I’d like to thank Manus’ existing investors for supporting the Company’s commercialisation programme of our unique NeuroMotor PenTM , building on previous support we received in 2021. This year is set to be an exciting one, with partnerships already secured, and we truly believe our non-invasive and CE-marked product can have a huge impact on patients and tackle the unmet need for a quick, inexpensive device that can detect neurological conditions, particularly given the aging global population.”
Richard Charnley, Investment Director of Northstar Ventures, stated: “At Northstar Ventures we back businesses that are reimagining the future of healthcare, with a particular focus on healthy ageing. Having relocated its North East office from Durham to Gosforth in Newcastle to accommodate a growing team, we are excited by the potential impact Manus can have on those with neurological conditions and we were delighted to further support its mission.”
Alastair Moore, Senior Investment Manager at Par Equity added: “Manus is rapidly establishing itself as a go-to diagnostic for neurological conditions and with funding secured to now obtain US regulatory clearance off the back of achieving FDA breakthrough status, the next 18 months promise to be transformational. The NeuroMotor Pen’s ability to rapidly and non-invasively determine whether an individual requires further care has potential to deliver enormous efficiency gains for health systems while enabling the individual to have clarity on the meaning of their symptoms within minutes.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise said: “Encouraging innovative firms such as Manus to commercialise and scale is a priority for Scottish Enterprise. The NeuroMotor Pen developed by Manus aids clinicians in determining neurological conditions in a non-evasive manner and this investment will allow the company to progress this technology further, delivering potential growth opportunities and medical advances in the process.”
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Robbie McGregor
Notes to editors
This news release was initially published on Manus Neurodynamica Limited's website, which you can view here: https://www.manusneuro.com/manus-secures-2-6m-to-support-the-commercialisation-of-neuromotor-pentm/
About Manus Neurodynamica – www.manusneuro.com
Dr Rutger Zietsma founded Manus. The Company’s main activity is designing, patenting and marketing innovative technologies used in medical devices and personal care products which have the capability to improve people’s health and wellbeing. The Company implements quality procedures to medical standards.
The principal product is the NeuroMotor Pen™ (NMP) designed for use in the diagnosis and monitoring of neuromotor impairments. As a first indication, the pen has been configured for use in Parkinson’s disease and tremor differentiation and uses limb and hand motion to diagnose patients quickly and non-invasively. It has applications across not just diagnosis but also screening, monitoring, rehabilitation and drug development for a number of different neurological disorders.
About NeuroMotor PenTM
NeuroMotor Pen™ (NMP) is a unique, patented and CE-marked system that combines sensor technologies built into a digital pen with software and an analytical engine with Decision Support System, using AI. The interface enables users to record non-invasively and analyse parameters of minute limb and hand motion. This enables quantification of fine motor skill. These parameters are used as ‘digital biomarkers’ to provide objective information about movement abnormalities. NMP can be used to support differential diagnosis and monitoring of movement disorders and other neuromotor impairments. It has the potential to be a quick, inexpensive, non-invasive, and objective aid to diagnosis that can provide a low-cost alternative to brain scans. There are additional applications in prevention screening, m
Breakthrough Designation has been granted by the FDA for the proposed indication of using the NeuroMotor PenTM to support health care providers (HCPs) in differentiating between Parkinsonian and non-Parkinsonian tremors in adult patients who are suspected to have Parkinson’s Disease (PD) but have not been diagnosed by other means.
About Par Equity
Par Equity is a leading, early-stage venture capital firm, investing in innovative, high growth technology companies. Based in Edinburgh, Par Equity focuses on the very best opportunities in the North of the UK and has already backed more than 70 companies across Northern Ireland, Northern England and Scotland. https://www.parequity.com/
About SIS Ventures
SIS Ventures, a wholly-owned subsidiary of Social Investment Scotland (SIS), provides the tools and mission-aligned investment required to help early-stage businesses grow and deliver impact at scale. In return for investment, SIS Ventures seeks a mission lock – where the social and/or environmental mission of the organisation is locked into the Articles of Association and cannot be changed without consent. Launched in 2018 and authorised by the Financial Conduct Authority, SIS Ventures has already raised and deployed £4.4 million among 12 early-stage impact-led businesses. SIS Ventures is a signatory to the Operating Principles of Impact Management which provide a global framework for investors to ensure that impact considerations are integrated throughout an investment lifecycle. Targets for investment include businesses which are committed to progressing the diversity and inclusion agenda and those whose products or services progress the United Nations Sustainable Development Goals. For more information about SIS Ventures, visit www.sisventures.com
Scottish Enterprise
Scottish Enterprise (SE) is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. It supports businesses to innovate and scale to transform the Scottish economy by focusing on new market opportunities through targeted investment, innovation and internationalisation. Follow us on Twitter and LinkedIn.
About Old College Capital
Old College Capital (OCC) is the University of Edinburgh’s in-house venture investment fund. It aims to support the University’s research, staff and students by investing in high-growth, early stage businesses associated with the University.
Northstar Ventures Limited
Northstar Ventures is a venture capital and social investment firm based in the North East. We provide funding for innovative, scalable businesses and high impact social enterprises. We have been supporting entrepreneurs since 2004, seeking out strong teams with great ideas that will drive high growth, scalable businesses, and sustainable charities. As the North East’s leading early stage investor, we have invested over £100m into start-ups, early stage businesses and high impact social enterprises in the region. Our investment managers have a wealth of experience supporting new and growing businesses and bring commercial and operational experience, PhDs and MBAs, international careers and even a micro-business or two. Northstar Ventures is authorised and regulated by the Financial Conduct Authority.
About The North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm