Autonomic Technologies Closes Series C Financing
Redwood City, Calif. – October 31, 2011 – Autonomic Technologies, Inc. (ATI), developer and manufacturer of a novel miniaturized implantable neurostimulation system for severe headaches, today announced the closing of a $32 million round of financing. Proceeds from the financing will be used to continue to conduct clinical investigations in Europe, and to initiate studies in the US. Additionally, the company plans to start commercializing its technology in Europe in the near future.
Aberdare Ventures and Novartis Venture Funds co-led the Series C financing and will join existing investors Kleiner Perkins Caufield and Byers, Versant Ventures, InterWest Partners and Cleveland Clinic. Sami Hamade, Aberdare Partner and Steve Weinstein, Novartis Venture Funds Managing Director, will join ATI’s Board of Directors.
“I am very happy to be able to add these new firms to our experienced team of investors,” said Ben Pless, President and Chief Executive Officer of Autonomic Technologies. “The investments from our new and existing investors provide nice recognition of ATI’s encouraging clinical data generated from a study treating otherwise intractable headache. I would like to thank our clinician investigators around the world for their efforts and commitment to advancing SPG stimulation therapy. We look forward to continuing to partner with them to pioneer this new therapeutic option for severe headache patients.”
About the ATI Neurostimulation System
The investigational ATI Neurostimulation System is a novel, miniaturized implantable stimulator approximately the size of an almond that is designed for the treatment of severe headache, including cluster headache and migraine. The neurostimulator is delivered through a surgical incision in the gum, leaving no external scars or cosmetic effects. The lead tip of the implant is placed at the sphenopalatine ganglion (SPG) nerve bundle deep in the face behind the nose. For years clinicians have targeted the SPG to relieve severe headache, primarily by applying lidocaine and other agents to the SPG to achieve a nerve block.
Using an external remote controller similar in size to a large cell phone, patients deliver as-needed stimulation to relieve the headache. When the headache is treated, the remote controller is simply removed from the vicinity of the cheek, turning off stimulation therapy.
About Autonomic Technologies
Privately held Autonomic Technologies, Inc., located in Redwood City, Calif., was founded in 2007. For more information visit www.autonomictechnologies.com.