Cadence Neuroscience Secures $26 Million in Series B Financing for Clinical Trials of Epilepsy Neuromodulation Therapy

REDMOND, Wash., May 17, 2023 /PRNewswire/ -- Cadence Neuroscience announced today that it has secured $26 million in Series B financing. The round was led by Angelini Lumira Biosciences Fund (co-managed by Lumira Ventures and Angelini Ventures) and included other new investors F-Prime Capital, LivaNova USA, Angelini Ventures, Spectrum Financial Services, and Mayo Clinic, as well as the company's Series A lead investor JAZZ Venture Partners. Gerry Brunk of Lumira Ventures and Kevin Chu of F-Prime Capital have joined the company's board of directors.

Cadence is a clinical-stage company developing a novel neuromodulation therapy for treating pediatric and adult patients with focal drug resistant epilepsy based on research by a Mayo Clinic Neurology and Neurosurgery team, led by Gregory Worrell M.D., Ph.D., lead investigator and Mayo Clinic epileptologist. The therapy utilizes chronic subthreshold cortical stimulation to modulate EEG biomarkers associated with epilepsy to reduce or eliminate seizures. The company will use the Series B funds to complete pivotal clinical studies and pursue FDA clearance.

The Cadence team has extensive domain expertise in developing active neural implants and conducting human clinical studies in the field. During the last three years, we have been closely collaborating with Mayo Clinic in the design, manufacture, and engineering tests of our therapy system. These efforts are nearing completion and will enable us to begin clinical testing.

Kent Leyde, Role: Cadence's co-founder and Chief Executive Officer

As an active investor in both medical devices and pharmaceutical therapies for epilepsy, we believe Cadence is well-positioned to drive important advances in the field of neuromodulation, with the potential to revolutionize the treatment of drug refractory epilepsy, a disease which affects millions of people across the world

Gerry Brunk, Role: Managing Director at Lumira Ventures

We believe Cadence's platform solution has the potential to become an important standard of care in drug-resistant epilepsy as well as other difficult-to-treat brain disorders

Paolo Di Giorgio, Role: Chief Executive Officer of Angelini Ventures

We think the precise, patient-specific stimulation method being developed by Cadence is unique and exciting. We are thrilled to join the team on its important mission to bring life-changing therapies to this debilitating and difficult-to-treat disease.

Kevin Chu, Role: Healthcare team Principal at F-Prime Capital

About Cadence Neuroscience Cadence

Neuroscience is a medical device company developing new therapies for the treatment of epilepsy and other neurological disorders. The company's core technology was developed at Mayo Clinic and is under clinical evaluation. Founded in 2017 and headquartered in Redmond, Washington, Cadence is led by seasoned executives with extensive backgrounds in neural implant product development and clinical studies.

About Angelini Lumira Biosciences Fund

Lumira Ventures and Angelini Ventures partnered to create the Angelini Lumira Biosciences Fund in 2021 to invest in early-stage companies in North America developing innovative therapies for disorders of the central nervous system. Founded in 2007, Lumira Ventures is a multi-sector healthcare venture capital firm with offices in Toronto, Boston, Montreal and Vancouver. Angelini Ventures is the corporate venture capital arm of Angelini Industries, an Italian multi-sector group that operates in 21 countries in the health, industrial technology and consumer goods sectors, with 5,800 employees and revenues of €2 billion. With €300M in investment capital, Angelini Ventures creates and invests in companies developing innovative solutions in the fields of biotechnology, life sciences and digital healthcare.

About Angelini Ventures

Angelini Ventures, the venture capital arm of Angelini Industries, is an early-stage investment firm focused on accelerating disruptive innovations and trends in digital health and life sciences. The group will invest €300M across a global portfolio led by investment professionals and advisors in Europe, North America, and Asia. Angelini Ventures has deep domain expertise and leverages a global team, advisors, and strategic partners to help entrepreneurs scale their businesses into transformative category-leading companies.