ONTARIO BRAIN INSTITUTE PORTFOLIO COMPANY RECEIVES FDA CLEARANCE FOR INNOVATIVE DEPRESSION TECHNOLOGY
TORONTO, Feb. 13, 2024 /CNW/ - Pioneering a new approach to treat depression, NeuroQore, Inc. – a neurotechnology company supported by the Ontario Brain Institute and SOSV – has received U.S. Food and Drug Administration 510(k) clearance for its groundbreaking neuromodulation treatment.
This approval signifies a monumental leap in the evolution of transcranial magnetic stimulation, or TMS, devices. It also means that NeuroQore will be able to bring this technology to market to offer a safe and effective treatment for people living with major depressive disorder.
Historically, while electroconvulsive therapy (ECT) experienced a transformative shift in the 1980s, transitioning from sinusoidal to rectangular pulses which enhanced safety and efficacy, TMS has remained reliant on sinusoidal pulses. Now, the introduction of NeuroQore's rectangular pulse TMS marks a pivotal development, bringing a fresh perspective to the field. Unlike ECT, TMS does not require anesthesia or have any cognitive side effects and it presents a solution for the significant gap in effective treatment options.
This innovative technology is the fruit of dedicated efforts by a team led by NeuroQore co-founders Dr. Mehran Talebinejad and Dr. Adrian Chan, along with leading neurologist Dr. Robert Chen from the University of Toronto.
Reflecting on this achievement, Dr. Talebinejad – who is also CEO of the company – stated: "Receiving the FDA clearance is a testament to the NeuroQore team's unwavering commitment and expertise. It is more than a milestone for us; it is the dawn of innovative treatment possibilities for those we serve."
Throughout the years, NeuroQore has been funded though the Ontario Brain Institute's commercialization programs, notably the NERVE program for early-stage entrepreneurship funding and the NERD program for product development and R&D support.
"NeuroQore's collaborative, evidence-based research efforts, married with unmatched technological expertise, is a perfect example of the Ontario Brain Institute's vision of bringing science and innovation to life. By helping to connect entrepreneurs and innovators to our network of investors and researchers, OBI aims to nurture and promote the province's neurotech cluster. To date, we have supported over 100 companies and helped bring 26 products to market" said Dr. Tom Mikkelsen, President and Scientific Director of the Ontario Brain Institute.
More recently, NeuroQore also established a strategic partnership with SOSV to broaden the reach of its technology throughout the United States, aiming to transform the landscape of mental health treatment.
"SOSV is thrilled to announce its support for NeuroQore, spearheading the rapid advancement of TMS technology. The shift in ECT from the traditional sinusoidal pulse to a more efficient rectangular pulse marks a monumental leap in enhancing both safety and efficacy. TMS technology, stagnant since the 1980s, is now revitalized through NeuroQore's innovations. This marks not only a significant technological breakthrough but also a pivotal regulatory accomplishment, introducing a therapy with unparalleled potential," said Mr. Po Bronson, General Partner and Managing Director of SOSV's IndieBio, a program that supports companies working in agriculture and food tech, materials, therapeutics, diagnostics, and more.
For more information about NeuroQore and its neuromodulation technologies, email info@neuroqore.com or visit neuroqore.com.
ABOUT OBI:
The Ontario Brain Institute is a provincially funded, not-for-profit organization that accelerates discovery and innovation, benefiting both patients and the economy. Our collaborative 'team science' approach promotes brain research, commercialization and care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders. For more further information, visit braininstitute.ca.
SOURCE Ontario Brain Institute
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