2001

One of the key industry events in 2001 was the sixth annual conference of the International Functional Electrical Stimulation Society (IFESS) meeting in Cleveland. The five-day event, themed “Envisioning a New Century of Breakthroughs,” highlighted six “millennium” papers on key areas of neurotechnology, a truly international assembly of presenters, a small but solid core of manufacturers and sponsors, and several unique attributes not often found at a scientific or engineering meeting. These “millennium papers” were published in Neuromodulation: Technology at the Neural Interface , Journal of the International Neuromodulation Society (INS) and IFESS.

Exhibitors and sponsors at the event included several of the early manufacturers of neuromodulation products and systems. NeuroControl Corp. (Valley View, OH) showed its FreeHand hand-grasp prosthesis, the VoCare bladder stimulation system, and a new miniaturized multichannel programmable stimulator call StIM. The device was targeted at stroke patients suffering from shoulder pain caused by the separation of the shoulder joint and weak muscles after stroke.

Medtronic, the largest corporation in the business, promoted its InterStim urinary control system and DBS product line. Cleveland Medical Devices (Cleveland, OH) showed its BioRadio 110, a compact and wireless brain monitoring device. EIC Laboratories (Norwood, MA) exhibited its range of electrode coating products and services, which work with gold, platinum, silicon, iridium, and other materials. Empi (Empi, Inc., St Paul, MN) showed its line of stimulators for pain treatment and neuromuscular rehabilitation. NeuroStream Technologies (Anmore, British Columbia, Canada), a Canadian manufacturer that would later be acquired by Victhom Human Bionics (Saint-Augustin-de-Desmaures, Quebec, Canada), showed its line of implantable NeuroCuff interfaces, which accommodate electrodes as well as catheters for fluid infusion. Neopraxis Pty Ltd, an Australian firm (Sydney, New South Wales, Australia), promoted its 22-channel Praxis stimulator, targeted at paraplegic patients. Advanced Bionics Corp. (Valencia, CA), one of the leaders of the cochlear implant business, promoted its line of Bion leadless stimulators.

2002

As 2002 came to a close, the neuromodulation industry looked back on a paradoxical year, a year filled with exceptional triumphs in technology developments and depressing financial and economic news from the commercial enterprises in the field. For example, the latter months of 2002 witnessed staff reductions at Aspect Medical Systems, Inc. (Norwood, MA) and Axon (Newton, MA), flat sales at Bio-logic Systems (Mudelein, IL), and the demise of Symphonix (San Jose, CA).

Other examples of bad news in the industry were microHelix’ (Tualatin, OR) decreased revenues and 4-D Neuroimaging’s (San Diego, CA) failed merger with Neuromag (Helsinki, Finland). And the functional electrical stimulation field was still reeling from NeuroControl Corp.’s decision to discontinue marketing its FreeHand hand-grasp stimulator.

But 2002 was not without bits and pieces of good economic news. Several start-up neuromodulation firms received first- or second-round infusions of venture capital at a time when other technology industries were hard-pressed to get attention from VCs. The most noteworthy examples: Vertis Neuroscience, later renamed Northstar Neuroscience (Seattle, WA), received $37 million in funding, Optobionics Corp. (Wheaton, IL) received $20 million, Sleep Solutions, Inc. (Palo Alto, CA) received $7 million, and Cyberkinetics, Inc. (Foxborough, MA) received $5 million.

Several public companies also showed improving financial results—some with record performance—including Advanced Neuromodulation Systems, Cyberonics, Cochlear Ltd. (Lane Cove, New South Wales, Australia), and Integra NeuroSciences (Plainsboro, NJ). Merger and acquisition activity during the year included Compumedics’ (Abbotsford, Australia) purchase of Neuroscan Labs (Sterling, VA), Bionic Technologies’ (Salt Lake City, UT) merger with Cyberkinetics, and Encore Medical Corp.’s (Austin, TX) purchase of Chattanooga Group (Hixson, TN).

Significant FDA product approvals reported during the year were Vertis Neuroscience’s percutaneous stimulation system, Medtronic’s Activa DBS therapy for Parkinson’s, and ANS’ Genesis implantable pulse generator. Some good news also came on the reimbursement front, including favorable Medicare decisions or recommendations on magnetoencephalography, functional electrical stimulation, and implanted stimulators.

Still, the overall financial picture for the neuromodulation industry in 2002 was not as favorable as was the technology development outlook. Significant progress was made in a number of early stage and more mature product categories, including microstimulation systems, electrode development, cortical control systems, visual prostheses, and stroke rehabilitation devices.

2003

In 2003, the editors of Neurotech Business Report chose to single out a few individuals and organizations for special recognition. The result was the somewhat impromptu “Gold Electrode” Awards, which were intended to add some profile to the industry. Synapse Biomedical’s (Oberlin, OH) diaphragm pacing system was selected as the best new product of the year, and Afferent Corp. (Providence, RI) was named the most promising start-up firm.

There were several events in 2003 that stood out as significant developments for the neuromodulation industry. The first was the implantation of a diaphragm stimulation system in actor/activist Christopher Reeve in February. Reeve was just one user, and the potential market for the device was not huge. But the fact that he was willing to undergo the procedure, and became a vocal proponent of the device, is significant if for no other reason than that he had previously not been a major proponent of functional electrical stimulation devices as a treatment for paralysis.

Another key event of 2003 was Medicare’s decision to cover DBS for treatment of tremor and Parkinson’s disease. Reimbursement continued to be a major hurdle confronting the neuromodulation industry, but the relative speed with which this decision followed FDA approval of DBS treatment for Parkinson’s disease was a positive sign.

Still another major development in 2003 was the progress Cyberonics made in obtaining FDA approval of its VNS therapy for treatment of drug-resistant depression. Though, as later years would reveal, the process was far from over: the positive research results and an early indication from the FDA that a timely decision was forthcoming were encouraging signs. Aside from the sheer market size of this application, it was significant because in penetrating even a portion of the mood disorder market, Cyberonics may well have demonstrated to other neuromodulation device manufacturers that they can compete in markets where the pharmaceutical industry appears to have a firm grip.

While venture capital investment was not rampant in 2003, there were enough deals done to give hope to start-up firms. Perhaps more significant was the fact that major medical device manufacturers, including Boston Scientific (Natick, MA), Medtronic, Guidant (St Paul, MN), and Johnson & Johnson (New Brunswick, NJ), showed signs that they were looking closely at this market.

2004

As years go, 2004 was better in many respects than the three that preceded it. From a financial standpoint, the biggest news was undoubtedly Boston Scientific Corp.’s purchase of Advanced Bionics Corp., a deal that would prove to be worth more than $2 billion. This valuation profoundly affected the venture capital community’s perception of the neuromodulation industry. Probably the biggest disappointment of the year was the FDA’s decision to ignore its own neurological devices panel recommendation and deny Cyberonics’ PMA Supplement for VNS treatment for resistant depression.

But between these two extremes, there were a number of significant developments in 2004 that continued to highlight the maturation of the industry. The establishment of the National Science Foundation Engineering Research Center for Biomimetic Microelectronic Systems (Los Angeles, CA) was one such development, as was the announcement of a new advanced prosthetics program at DARPA’s Defense Sciences Office. The National Institutes of Health’s first Neural Interfaces Workshop, which merged the Neural Prosthesis Workshop with the DBS Consortium, was another highlight.

On the technology front, there was significant progress in areas such as EEG interpretation, brain–computer interfaces, cortical stimulation for stroke rehabilitation, DBS, magnetic stimulation, neural-silicon hybrids, retinal implants, neurorobotics, and controlling neural growth. New product categories that emerged in 2004 included occipital nerve stimulation systems, rechargeable SCS systems, and navigated brain stimulation. New entrants in the industry were prosthetics vendor Innovative Neurotronics, Inc. (Bethesda, MD), implantable probe supplier NeuroNexus Technologies (Ann Arbor, MI), neurorehabilitation firm Restorative Therapies, Inc. (Baltimore, MD), and neurorehabilitation firm Bioness, Inc. (Valencia, CA). Initial public offerings included NeuroMetrix (Waltham, MA), which brought in $24 million, and Stereotaxis (St Louis, MO), which fetched $40 million.

2005

The year 2005 was a banner year for the neuromodulation industry in many respects. Overall, financial performance of both public and private companies trended in the direction of black ink. There were a large number of new products receiving FDA approval during the year. Plus, there were several healthy mergers and acquisitions, and several start-ups in the space obtained venture capital funding during the year.

Certainly, the most significant financial development of 2005 was the acquisition of Advanced Neuromodulation Systems by St. Jude Medical in a $1.3 billion deal. Though perhaps overshadowed by that merger, other noteworthy deals were Medtronic’s purchase of Transneuronix (Mt Arlington, NJ) and Natus Medical’s (San Carlos, CA) merger with Bio-Logic Systems. Though the multibillion dollar deals like the ANS acquisition dominated the landscape, the smaller ones are important too, if for no other reason than demonstrating to investors a path to liquidity for start-ups in this space. And the numerous cooperative agreements and collaborations that neuromodulation firms entered into were a sign for all observers of the industry’s vitality.

Another notable trend in 2005 was the continued forays of orthopedic industry players into the neuromodulation space. Encore Medical, with its purchase of Compex Technologies (New Brighton, MN) complementing its prior acquisitions of Empi and Chattanooga Group, was one example, as was Otto Bock’s (Duderstadt, Germany) purchase of Neurodan (Aalborg, Denmark). These two firms joined Hanger Orthopedic (Bethesda, MD), which set up a neuromodulation unit called Innovative Neurotronics (Bethesda, MD), and Ossur (Reykjavik, Iceland), which was developing neural prostheses with Victhom Human Bionics. Notable start-ups of 2005 included Andara Life Science Inc. (Indianapolis, IN), which began developing a spinal cord regeneration stimulator, Medtrode, Inc. (London, Ontario, Canada), which developed novel DBS electrodes, NeuroSystec Corp. (Valencia, CA), which developed a device to treat tinnitus, and BioNeuronics, Inc. (later renamed NeuroVista Corp., Seattle, WA), which began developing a series of implantable neuromodulation devices for treatment of neurological disorders. The latter firm secured $6 million in funding. On the new product front, the FDA’s long-awaited approval of Cyberonics’ VNS system for treating treatment-resistant depression stands out as significant, as does the heightened competition in the DBS and SCS markets.

2006

The year 2006 was neither the watershed year that 2005 was for the neuromodulation industry, nor was it the depressing time seen in the early years of the decade. The business experienced a number of promising technology and market developments, and a few dis-appointments. But overall, the industry appeared to be on a stronger footing than it was the previous year.

From a financial standpoint, there were no multibillion dollar mergers in 2006, or anything even coming close. But the deals that were consummated, including Cyberkinetics’ purchase of Andara, Encore Medical’s purchase of Compex, and Bioness’ purchase of NESS Ltd. (Ra’anana, Israel), pointed out the continuing viability of the $100-million-and-under segment of the industry. And while the only significant IPO activity of 2006 was Northstar Neuroscience, which fetched more than $100 million, at least two public neurotech companies, VSM MedTech (Vancouver, British Columbia, Canada) and Encore Medical went private during the year. Venture capital investment in neuromodulation start-ups continued to be robust in 2006. Venture capital firms were particularly generous to firms in the obesity stimulation market segment, with EnteroMedics (St Paul, MN), IntraPace (Menlo Park, CA), and GI Dynamics (Watertown, MA) securing $87 million total. Other noteworthy fundings during the year included Intelect Medical’s (Cleveland, OH) $3 million seed round, NBI Development’s (now Nevro Corp., Palo Alto, CA) $5.5 million round, Intelligent Medical Implants’ (Zug, Switzerland) €15 million round, and Posit Science’s (San Francisco, CA) $24 million round.

On the technology front, one of the most exciting developments was a dramatic increase in understanding of the mechanisms of action of DBS, not just for treating movement disorders, but psychiatric disorders as well. Transcranial magnetic stimulation got a considerable bit of attention during the year, particularly after Neuronetics (Malvern, PA) presented promising clinical trial data at the American Psychiatric Association meeting in Toronto. The year was also a good one for neurorehabilitation, with several new devices from Bioness, Innovative Neurotronics, Victhom, and Otto Bock achieving some form of regulatory approval, and with new government initiatives such as the DARPA Advanced Prosthetics Program.

But challenges remained for the industry, and probably the biggest one pertained to reimbursement. Slowness and difficulty in getting CMS coverage decisions affected nearly every segment of the neuromodulation industry. Cyberonics, which otherwise would have been riding high from its 2005 FDA approval of VNS for treatment-resistant depression, saw limited growth in this market, and the problem was a factor in the management shakeup that afflicted that company in 2006.

2007

In 2007, a number of technological and financial developments helped move the neuromodulation industry forward. From a financial standpoint, the industry continued to post strong results and attract new investment.

Significant mergers that took place during the year include Cardinal Health’s purchase of Viasys for $1.5 billion, Natus Medical’s purchase of Excel-Tech Ltd. for $63.5 million, and Greatbatch’s purchase of BIOMEC, Enpath, and Quan Emerteq, for $11, $102, and $55 million, respectively.

There was only one significant IPO during the year, EnteroMedics, which raised $40 million. But venture capital investment continued to come in, and much of that for novel applications. Apnex Medical, a neuromodulation firm looking at the sleep disorders market, raised $16.1 million in an A round, CVRx, which was investigating the use of neuromodulation to control hypertension, raised $165 million in a D round, and PhotoThera, which was developing a laser stimulation system to treat ischemic stroke, raised $30 million in a C round. Other VC investment activity included NeuroVista’s $34 million B round, Intelect Medical’s $7 million B round, and Synapse Biomedical’s $4 million C round. Also, Afferent Corp. received an investment from orthopedic manufacturer Stryker Corp. (Kalamazoo, MI).

While there were some noteworthy dissolutions during the year, even those events portended positive developments for the industry. At first glance, Boston Scientific’s split with Advanced Bionics’ founders might have caused some observers to believe that Boston paid too much for Advanced Bionics in 2004. But it also indicated that there is compound value for a device company that is pursuing both neuromodulation and neuroprosthetics product lines. And it reminded entrepreneurs that they can do well by segmenting the applications for the technology they’re peddling.

The management shakeup at Cyberonics and that firm’s continued struggle to obtain reimbursement for its customers with treatment-resistant depression certainly put a damper on the expected growth rates for VNS devices. But the company did announce a licensing deal with J&J’s Ethicon unit.

On the technology front, Northstar Neuroscience was awarded a patent for its cortical stimulation technology, and Aculight Corp. (Bothell, WA) signed a licensing agreement with Vanderbilt University for optical stimulation technology.

2008

Perhaps the most significant event of 2008 was a failed clinical trial of Northstar Neuroscience’s stroke rehabilitation therapy. The company announced that its EVEREST pivotal trial evaluating cortical stimulation to improve hand and arm function in stroke survivors did not meet its primary efficacy endpoint. The EVEREST trial was designed to determine whether cortical stimulation in conjunction with rehabilitation therapy would lead to greater gains in hand and arm function and activities of daily living than rehabilitation therapy alone. The announcement led to an 80-percent drop in price of the company’s stock, and the company would later close its doors as a result.

Also in 2008, the FDA cleared Neuronetics’ NeuroStar transcranial magnetic stimulation therapy system for the treatment of depression. The system is indicated for the treatment of major depressive disorder in adult patients who have failed to achieve satisfactory improvement from one prior antidepressant medication at or above the minimal effective dose and duration in the current episode.

Key financial transactions of 2008 were Medtronic’s purchase of NDI Medical’s intellectual property for treating bladder neuromodulation for $42 million and Greatbatch’s purchase of Quan for $55 million. As for venture capital deals, BrainsGate received a $27.5 million C round, while CVRx got an $84 million E round.

2009

Financial events in 2009 included the Natus purchase of Alpine Biomed $43 million and Covidien’s purchase of Aspect Medical for $210 million. Also, St. Jude Medical acquired the intellectual property assets left over from the demise of Northstar Neuroscience.

Venture capital investment during the year included Neuronetics, with a $30 million D round, Inspire Medical, with a $17 million round, Autonomic Technologies, with a $20 million B round, Nextstim, with a €6 million round, and Ardian, with a $47 million round.

During the year, a guideline issued by the American Academy of Neurology found that transcutaneous electric nerve stimulation (TENS) was not recommended to treat chronic low-back pain that has persisted for 3 months or longer because research shows it was not effective. This action, along with a decision by the Centers for Medicare and Medicaid Services not to reimburse for TENS devices, would prove to be devastating to the TENS industry.

2010

In 2010, many neuromodulation device manufacturers took an interest in health care reform, which had recently been passed by the US Congress. There was considerable opposition to the $20 billion medical device tax included with the bill. Many executives of small device firms expressed concern that this tax—which is levied on device sales and not net profit—could threaten the existence of these firms.

Also in 2010, researchers and commercial firms involved with treating chronic pain began investigating the dorsal root ganglion of the spinal cord as an alternative site for neurostimulation, which could expand treatment options for patients with chronic pain who have no other alternative and for whom SCS is not effective. Spinal Modulation Inc. was the first neuromodulation firm to develop a commercial product targeting the DRG.

Financial highlights from 2010 included a $7.6 million series B round of investment for MicroTransponder, Inc., a $15 million series B round for Tibion Corp., the spinoff of NeuroWave Systems Inc. from Cleveland Medical Devices Inc., Medtronic’s purchase of Ardian, Inc. for $800 million, a $5 million investment by Cyberonics in NeuroVista Corp., and a $30 million initial public offering for EnteroMedics Inc.

2011

One of the more interesting themes during 2011 was the emergence of consumer neurotechnology products. These included systems intended for market research, gaming, wellness, and other applications. Several new firms introduced low-cost EEG headsets.

Some key M&A activity during the year included Boston Scientific’s purchase of the remainder of Intelect Medical for $60 million and Natus Medical’s purchase of sleep diagnostic firm Embla Systems for $16.1 million.

Venture capital funding remained strong during 2011. In January, Nexstim raised €11 million in equity financing from European investors. Another European start-up, Electrical Brain Synchronization Technologies, raised €3 million for its neurorehabilitation technology. And Sapiens Steering Brain Stimulation in Germany raised a €13 million series A round for its MRI-compatible DBS system with navigation software.

In the United States, Spinal Modulation raised $30 million in a series D round, ImThera Medical raised $4 million in a series C round, and Functional Neuromodulation raised $10.4 million from Medtronic and Genesys Capital for its DBS system for ALS. Two Israeli firms, Enopace Biomedical, and Nervomatrix Ltd., received $7 and $3.5 million, respectively, in venture funding.

Perhaps the most significant device approval of the year was the Second Sight Argus II retinal implant, which received CE Mark in Europe. Other firms to obtain CE Mark were EnteroMedics for its Maestro RC system for treatment of obesity; Medtronic, for its peripheral nerve stimulation therapy, and St. Jude Medical, for its Genesis device for treatment of intractable chronic migraine.

Though FDA approvals were not as forthcoming as European approvals, Medtronic got FDA approval of its Symplicity renal denervation system for hypertension. Bioness received FDA clearance of its NESS L300 Plus device, and Synapse Biomedical got FDA approval of its NeuRx diaphragm pacing system for treatment of amyotrophic lateral sclerosis (ALS).

2012

There were many positive developments during 2012. Among the most noteworthy were the emergence of the retinal prosthesis market in Europe and a favorable FDA panel vote for Second Sight’s Argus II implant. The maturation of the hypoglossal nerve stimulation market and the emergence of potential neuromodulation therapies for Alzheimer’s disease were also positive signs.

But despite these positive trends, the neuromodulation industry showed that it is still prone to failure in clinical trials that are significant for the overall health of the industry. These included failed trials for occipital nerve stimulation for headache, DBS for epilepsy, CVRx’s neurostimulation for hypertension, and Medtronic’s use of VC/VS DBS for depression.

2013

Key events in 2013 included FDA approval of Second Sight’s Argus II retinal prosthesis, an investment and distribution deal between St. Jude Medical and Spinal Modulation for DRG pain stimulation systems, a favorable FDA Neurological Devices Panel recommendation for NeuroPace’ RNS system, and the announced spinout of the Algostim neurostimulation product from Greatbatch Medical.

Also in 2013, the British pharmaceutical firm GSK announced a $50 million bioelectronic fund, and President Obama announced the BRAIN initiative to fund research in neurotechnologies.

Venture capital investment in 2013 included Cervel Neurotech’s $14 million round, MicroTransponder Inc.’s $3.4 million round, Saluda Medical’s A$5 million funding, Merck’s $40 million investment in ElectroCore Medical, Nevro Corp.’s $48 million series C round, Mainstay Medical’s $20 million series B round, and Aleva Neurotherapeutics’ receipt of 4 million Swiss francs.

2014

The year 2014 was one of the most productive and promising in the history of the neuromodulation industry. Positive developments in research findings, product approvals, start-up activity, government funding, investment, and even IPO activity were reported throughout the year.

Perhaps most noteworthy was the wealth of new neurotech initiatives funded by the U.S. government. In addition to the president’s BRAIN initiative, DARPA stepped up with its SUBNETS program for DBS for neuropsychiatric disorders, RAM program for memory disorders, HAPTIX program for neuroprosthetics, and the ElectRx program for bioelectronic medicine.

The NIH’s SPARC program augmented the ElectRx program to fund electroceutical approaches to treating systemic disorders with neurostimulation. So did private initiatives such as GlaxoSmithKline’s $50 million fund for bioelectronics ventures.

On the financial front, several neuromodulation start-up firms completed IPOs, an activity that was nearly dormant in prior years. These include US firms Nevro, which netted $131 million, Second Sight, which raised $36 million, and ReWalk Robotics, which raised $41 million. In Europe, Pixium Vision raised €34.5 million while Mainstay Medical raised €18 million on the Euronext exchange.

Probably the most significant acquisition of the year was Medtronic’s purchase of Sapiens Steering Brain Stimulation for $200 million, though there were a host of smaller deals during the year.

Finally, 2014 was a good year for neuromodulation device approvals. Significant FDA approvals included the Inspire Medical Upper Airway System, the Cefaly Migraine Stimulator, the eNeura Spring TMS system and the Stimwave Freedom 4 microstimulator. Though not a device approval per se, the FDA’s reversal of its previous decision to reclassify cranial electrical stimulation was a major win for the industry.

2015

In 2015, the infusion of new technologies and new competitors promised to alter fundamentally the competitive face of the neuromodulation industry. Although new indications and new clinical specialties continued to emerge, there was still a considerable amount of innovation and disruption in the market for chronic pain. Results from the SUNBURST study of burst stimulation and the ACCURATE study of DRG stimulation gave St. Jude Medical a much-needed shot in the arm in SCS. Boston Scientific also moved forward with its Precision Spectra SCS system. And newcomers to the market Nevro, Nuvectra, and Stimwave each introduced unique innovations that challenged the status quo in SCS.

Medtronic’s SCS portfolio seems a bit outdated by comparison. Indeed, Neurotech Reports’ market study The Market for Neurotechnology: 2016–20 projected that Medtronic’s share of the SCS market would fall from 41% to 32% by 2018.

Medtronic was dealt more bad news with reports that BioControl Medical’s INOVATE-HF trial of VNS for heart failure failed to meet its primary endpoint. Medtronic had invested $70 million in BioControl in 2010 and acquired an option to buy the company.

Key Financial events of 2015 included S. Jude Medical’s acquisition of Spinal Modulation for in excess of $175 million, Medtronic’s purchase of Advanced Uro-Solutions, Allergan’s acquisition of Oculeve for $125 million, and Sorin’s $20 million investment in Respicardia. Also in 2015, Sorin merged with Cyberonics to form a new firm called LivaNova Inc. And Greatbatch completed its spinoff of neuromodulation device firm Nuvectra Corp.

Venture capital funding in 2015 included SetPoint Medical’s $43 million round, Neuronetics’ $34 million round, Autonomic Technologies’ $38 million round, Tal Medical’s $14 million round, and Saluda Medical’s A$10 million round.

2016

In 2016, there was a steady stream of multibillion dollar biopharmaceutical and other health care conglomerates that chose to invest and partner with neuromodulation firms and research organizations.

These include pharmaceutical firms such as GSK, Pfizer, and Merck. In 2016, Google’s Verily Life Sciences unit got into the act, putting up 45% in a joint venture with GSK to form a new firm called Galvani Bioelectronics.

Also, Kimberly Clark spinoff Halyard Health entered into a partnership with Case Western Reserve University to develop pain neuromodulation devices based on nerve block technology. The Swiss firm Nestle Health Science acquired a British firm developing a neuromodulation therapy for dysphagia. And the Belgian firm UCB announced a deal with Great Lakes NeuroTech to combine GLNT’s neurosensing devices with UCB’s drug therapies for movement disorders.

Venture capital financing in 2016 included Axonics Modulation’s $38.5 million series B round, Aleva Therapeutics’ $18 million series C round, NeuSpera Medical’s $8 million series A round, G Therapeutics’ €36 million round, Retina Implant’s €26 million private equity round, Cardionomic’s $20 million series A round, and Nyxoah €18 million round.