MindMaze to advance digital neurotherapeutics with $105-million raise
MindMaze announced Thursday that it secured a $105-million financing round to accelerate its global growth plans, support ongoing R&D and consolidate the clinical development pipeline of its digital therapeutic solutions for neurological diseases. “This funding allows us to ramp up commercial activity and expand our footprint in the US, as well as gain access to strategic partners,” remarked CEO Tej Tadi.
In the US, MindMaze said it is hiring more staff and broadening its reach in neurorehabilitation centres, noting that it recently received Category III current procedural terminology codes for asynchronous care. The company also plans to invest in partnerships with drug and device makers, and expand on work with academic institutions.
MindMaze offers tech-enabled protocolised software and hardware peripherals to address serious cognitive and movement deficits. The company’s product portfolio has received three FDA clearances and four CE marks for multiple clinical indications. MindMaze said it has over 10 clinical trials under way across eight indications, and expects to have at least three new prescription digital therapeutic solutions for chronic stroke, Parkinson’s disease and aging/mild cognitive impairment “in the next few years.”
AHA partnership
The funding has also enabled MindMaze to initiate a partnership with the American Hospital Association (AHA). Doug Shaw, the association’s senior vice president of business development, said that “the AHA is excited to join initiatives to promote and advance the delivery of digital therapeutic solutions for neurological diseases in accessible settings, and MindMaze will enable our hospitals, healthcare systems and other providers of care to offer new, innovative solutions to help treat their patients.”
