Nexeon MedSystems Receives $830,000 grant from the National Institute of Neurological Disorders and Stroke
Dallas, TX, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Nexeon MedSystems Inc (”Nexeon”) (OTCQB: NXNN), a neurostimulation medical device company, announced that it has received an $830,000 grant from the National Institute of Neurological Disorders and Stroke (NINDS) of the National Institutes of Health (NIH). The grant award, received through its wholly-owned subsidiary Nexeon MedSystems Puerto Rico Operations Company Corporation (“NMPROC”), will support the development of novel cloud-based software to improve programming for deep brain stimulation. The NINDS intends to fund $1.5 million over 3 years, subject to annual review and approval, with the remaining funds directed towards clinical evaluation of the software’s performance.
“I’m very excited to begin this project, which will enable us to potentially take a big step towards fully closed-loop deep brain stimulation. The NINDS awards these grants to very competitive projects and the peer review of the approach helps to validate the team, the approach and the technology,” said Nexeon CEO, Will Rosellini.
Deep brain stimulation (DBS) is an established treatment for advanced Parkinson’s disease, but many patients receive inadequate symptom control. We believe that newer implantable DBS systems, like Nexeon’s system, provide greater programming flexibility and are designed to improve symptom control; however, greater programming flexibility adds complexity and time to device programming. Under the funded award, Nexeon intends to develop an intuitive, image-guided software tool for 2D/3D mapping of disease-related neural signals over patient and device data for more efficient and effective programming of these newer, more complex systems.
Nexeon will collaborate with Neurotargeting LLC (“Neurotargeting”) to develop the new software. Neurotargeting has developed and is commercializing CranialCloud, which is a cloud-based architecture that combines neurological data management and cloud analytics to improve pre-operative, intra-operative, and post-operative activities for neurological procedures. Nexeon and Neurotargeting will jointly develop a new module which allows data collected from the Nexeon DBS system to be stored, processed, and analyzed in CranialCloud, then provided to clinicians to support device programming.
“At Neurotargeting, we are thrilled to start working with Nexeon on this NINDS award. Deep Brain Stimulation remains the most accurate way to explore brain activity and study neurological diseases. Nexeon’s close-loop solution opens new doors and extends the CranialCloud capabilities for indexing the brain and refine neurological models,” said Neurotargeting CEO, Pierre D’Haese.
About Nexeon MedSystems Inc: is a global medical device company focused on providing innovative neurostimulation products that are designed to improve the quality-of-life of patients suffering from debilitating neurological diseases. Nexeon has developed and commercialized a neurostimulation system that can be utilized to treat a variety of neurological diseases.
About Neurotargeting LLC:
Neurotargeting, LLC is a software company focusing on brining novel technologies to improve our understanding of neurological diseases. It has developed a health IT platform, called CranialCloud, capable of indexing and modeling complex neurological data from thousands of patients: the “Google” of the Brain.
Forward-Looking Statements: Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from prevailing market conditions and the impact of general economic industry or political conditions in the United States or globally. A list and description of these and ,other risk factors can be found in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission which can be reviewed at . We make no representation or warranty that the information contained herein is complete and accurate, and we have no duty to correct or update any information contained herein.
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