MANUS SECURES £1.2M TO SUPPORT LAUNCH OF PARKINSON’S PEN
Edinburgh, UK – Monday 25th January 2021: Edinburgh medtech company Manus Neurodynamica Limited (“Manus”), has closed a £1.2M funding round to support the launch of its digital pen which provides an early warning of Parkinson’s disease and other neurological conditions.
With this latest funding secured, Manus is rolling-out its NeuroMotor PenTM later this year, initially focusing on the UK and Benelux markets, while also progressing work to secure regulatory approval to start selling in US. Around 145,000 people live with Parkinson’s in the UK and it’s the fastest-growing neurological condition in the world.
Investors in this funding round included the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, profit with purpose investor SIS Ventures and Old College Capital, the University of Edinburgh’s venture fund.
The NeuroMotor Pen employs sensors linked with analytical software which analyses the slightest limb and hand movements to help doctors assess whether a patient has early signs of Parkinson’s or other neurological conditions. As well as providing a quick, inexpensive, non-invasive and objective aid to diagnosis, the CE-marked product also helps with the ongoing monitoring of those conditions.
The mission-driven business is currently in advanced talks to supply the pens to a leading UK-based primary care group, following a development contract with NHS England to develop a version that can be used in GP surgeries. The pen has passed clinical trials with the NHS in the north-east of England and Scotland and is currently being used by Northumbria NHS Foundation Trust.
Led by CEO Rutger Zietsma, Manus has spent over 10 years developing the product, from concept through to manufacture and roll-out. In January last year, the firm signed a five-year contract with stationery brand Stabilo to manufacture the pens in Germany.
Funding rounds, totalling £5m to date, including a £750,000 financing round, closed in May last year, have been led by HealthTech investors Par Equity with support from the Scottish Investment Bank, the investment arm of Scottish Enterprise, and Old College Capital.
Dr Rutger Zietsma, Chief Executive Officer of Manus Neurodynamica, said: “2021 looks set to be an extremely busy year for Manus. Having spent more than 10 years developing, trialing and refining our first product, we can finally look forward to seeing our NeuroMotor Pens implemented more broadly and making a real difference to the lives of people living with Parkinson’s and other neurological conditions. Through faster and simpler diagnoses and objective patient monitoring with digital record keeping, we can help streamline the pathway and deliver more successful treatment outcomes for the fastest growing neurological condition in the world.”
Rob Halliday, Fund Manager, SIS Ventures said: “Manus is one of Scotland’s most promising early stage medtech companies, with the potential to make a huge impact. With its disruptive technology, mission-led approach, and ambitious management team, Manus is exactly the kind of business we look to invest in at SIS Ventures. Working along with the other investors, we’re very pleased to support Rutger and his team through their next phase of growth and impact creation.”
Rick Charnley, Investment Manager, Northstar Ventures said, “Having originally been involved with the company via a previous investment used to develop the initial prototype, we’ve been impressed with the team’s enhanced mission and are delighted to support the Company further. We’re big believers in the impact Medtech companies like Manus can have on an ageing society.”
Notes to Editors
About Manus Neurodynamica – www.manusneuro.com
Dr Rutger Zietsma founded Manus in August 2008. The Company’s main activity is designing, patenting and marketing innovative technologies used in medical devices and personal care products which have the capability to improve people’s health and wellbeing. The Company implements quality procedures to medical standards.
Its principal product is a sensor pen designed for use in the diagnosis and monitoring of neuromotor impairments. The pen particularly focuses on patients with Parkinson’s disease and uses limb and hand motion to diagnose patients quickly and non-invasively. It has applications across not just diagnosis but also screening, monitoring, rehabilitation and drug development for a number of different movement disorders.
About NeuroMotorTM Pen
NeuroMotor Pen™ (NMP) is a unique, patented and CE-marked medical device that combines sensor technologies built into a digital pen with software and an analytical engine with Decision Support System. The interface enables users to record non-invasively and analyse parameters of minute limb and hand motion. This enables quantification of fine motor skill. These parameters are used as ‘digital biomarkers’ to provide objective information about movement abnormalities. NMP can be used to support diagnosis and monitoring of Parkinson’s Disease and other neuromotor impairments. It has the potential to be a quick, inexpensive, non-invasive, and objective aid to diagnosis that can provide a low cost alternative to brain scans.
About SIS Ventures
SIS Ventures is part of the Social Investment Scotland group and is authorised by the Financial Conduct Authority. It aims to support and grow high impact organisations through access to mission-aligned investment. Its goal is to become the go-to investor and partner for social entrepreneurs. Through their work, social entrepreneurs are helping to shape a more vibrant and cohesive economy, and the experienced SIS Ventures team will support them in creating greater social change.
For more information about SIS Ventures, visit www.sisventures.com
About Old College Capital
Old College Capital (OCC) is the University of Edinburgh’s in-house venture investment fund. It aims to support the University’s research, staff and students by investing in high growth, early stage businesses associated with the University.
Northstar Ventures Limited
Northstar Ventures is a venture capital and social investment firm based in the North East. We provide funding for innovative, scalable businesses and high impact social enterprises. We have been supporting entrepreneurs since 2004, seeking out strong teams with great ideas that will drive high growth, scalable businesses, and sustainable charities. As the North East’s leading early stage investor, we have invested over £100m into start-ups, early stage businesses and high impact social enterprises in the region. Our investment managers have a wealth of experience supporting new and growing businesses and bring commercial and operational experience, PhDs and MBAs, international careers and even a micro business or two. Northstar Ventures is authorised and regulated by the Financial Conduct Authority.
Information About The North East Fund
The North East Fund is a suite five venture capital and loan funds which was established in April 2018, to invest £120m in around 600 North East businesses in the period to March 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities
Information About the European Regional Development Fund
The North East Fund will receive up to £58,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds
Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
Information About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. For more information, visit: http://www.eib.org/about/index.htm