“Our vision is to disrupt chronic pain by democratizing access to sustainable pain relief and Axon Therapy is a big step in that direction.”
San Diego, Calif. (PRWEB) March 15, 2017
FusionX Ventures, a seed stage venture capital and execution risk reduction company, today announced it is the lead investor in a $2 million round of financing for San Diego-based NeuraLace Medical focused on developing non-opioid pain reduction treatment. The investment will be used to secure FDA 510(k) approval and to launch NeuraLace Medical’s Axon Therapy nerve pain alleviation treatment. Once approved, Axon Therapy devices will be manufactured by D&K Engineering in San Diego.
The companies’ first commercial product introduction, Axon Therapy is an innovative approach to chronic pain management that utilizes targeted pulsed magnetic fields to stimulate nerves. By delivering focused magnetic pulses directly to the target nerve, Axon therapy aims to reactivate and restore the damaged nerve's ability to manage pain. This kind of non-invasive magnetic stimulation is currently revolutionizing work in brain stimulation and is now being tested as a more effective solution for chronic nerve pain.
“Patients with long-term nerve pain can experience intolerable physical pain which significantly diminishes their quality of life and can lead to opioid dependencies,” said Shiv Shukla, founder and chief executive officer of NeuraLace Medical. “Our vision is to disrupt chronic pain by democratizing access to sustainable pain relief and Axon Therapy is a big step in that direction.”
Unlike temporary pain that can accompany disease or injury, long-term nerve pain serves no protective benefit. NeuraLace specializes in creating positive outcomes for these patients, many of whom have suffered for years without access to an effective solution.
“NeuraLace is leading the way in developing a fundamentally different kind of neural interface that allows selective and non-invasive nerve targeting that can adapt to the patient in real-time rather than following a preset stimulation protocol,” said Ken Hood, FusionX Ventures Managing Partner. “That’s exactly the kind of game-changing innovation we support and we’re thrilled to help develop a product that will ease so much unnecessary pain.”
Axon Therapy technology was developed in collaboration with the University of San Diego, California and the Veterans Affairs Hospital in San Diego. Mooring Ventures was also involved in the current round of funding.
About FusionX Ventures
FusionX Ventures is an early-stage investment fund focused on helping companies build the next generation of cloud-enabled Smart Machines. We have a unique partnership with D&K Engineering, who specializes in class-leading product realization. FusionX helps companies reduce execution risk by combining thematic capital and advisor networks with design, manufacturing, and commercialization management.
About NeuraLace Medical
NeuraLace Medical is a San Diego-based startup building a specialized system for relieving chronic nerve pain that launched in October of 2016. The company recently raised a $2 million seed series venture capital from lead investor FusionX Ventures with additional investment from Mooring Ventures.
About D&K Engineering
D&K Engineering is an international product design and contract manufacturing services company with a proven track record of turning innovative ideas into successful products and lines of business. Our capabilities span the entire product development life cycle, including requirements definition, engineering analysis, concept creation, design, prototyping, manufacturing, and after-market support. Our clients leverage our proprietary Total Commercialization Solutions to evolve hardware, systems and content-based product ideas from initial design to manufacturing and into a sustainable line of business. Our experience-driven engineering, manufacturing and supply chain services get products to market faster with lower overall cost of development providing our customers with significant competitive advantage. D&K Engineering is headquartered in San Diego, California and Singapore.