Medico company set to scoop DKK 75 million in fresh funding  

2003.02.04
Neurodan is on course to get a fresh wave of capital from a mix of existing shareholders and new investors

Medico company Neurodan is on course to get a fresh capital injection of about DKK 75 million (USD 10.5 million). The bulk of the new financing will come from existing shareholders, which include the science park Novi, Danish Business Investment (Dansk Ehvervsinvestering), Novo and Danfoss Innovation, while 30% or more is planned to be raised from external investors. Neurodan has already met with five potential investors and according to the company's MD, the mood is positive. A contributory factor here is that development lead times in the medico industry are significantly shorter than in the biotechnology industry.

 

Neurodan A/S was founded in 1995 by researchers from the well respected Center for Sensory-Motor Interaction at Aalborg University. The company has its core competencies in the field of motor nerve stimulation and sensory nerve recording. Its first product, ActiGait, will be introduced on the European market in May this year with subsequent launches planned for the US and Japan. ActiGait is a silicone neuroimplant containing a programmable chip, and is designed to correct 'foot drop' in individuals following disease or injury to the brain or spinal cord. The implantation procedure is straightforward and can be carried out under local anaesthetic. Another product, called ActiGrip, is also under development.

 

Neurodan is aiming for annual sales of up to 5,000 units, which would generate a turnover of around DKK 500 million (USD 70 million). According to Neurodan, the US and European potential for ActiGait is DKK 6 billion. The news is reported in financial daily newspaper Børsen.

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