Belfast health-tech company Neurovalens has secured £225,000 of research and development funding to help it develop treatments for insomnia, post-traumatic stress disorder and anxiety.
The funding from Invest Northern Ireland will allow the company to undertake trials to establish the effectiveness and safety of its technology in collaboration with both Ulster University and the University of California, based in San Diego.
The company’s medical devices deliver low-level electrical stimulation to deep parts of the brain and nervous system in a non-invasive way to cure or treat neurological diseases without the need for implanted electrodes.
“Anxiety disorders are unfortunately the most common mental health disorders across the world, and in the US alone affect around 20% of the population,” Dr Jason McKeown, CEO of Neurovalens, said. “PTSD accounts for approximately 8 million individual cases. We believe that offering much earlier, non-invasive intervention could be really transformative for someone who is struggling with their mental health.”
Based in Belfast and San Diego, Neurovalens is a health-tech company that specialises in combining neuroscience and technology to tackle global health challenges, including metabolic diseases like Type 2 diabetes and obesity.
“This is an exciting time for the company as we expand the potential of our technology into these crucial areas of mental health,” Niall Quinn, CFO of Neurovalens, said. “Our primary focus is to achieve reimbursement status for all our medical devices within the US healthcare market in order to provide patients with the devices through their healthcare insurance.
“This allows us to accelerate our FDA approval plans and move to the next stage of commercialisation.”
Dr Vicky Kell, Invest NI’s Director of Innovation, Research & Development said the company has created a buzz across the world with the introduction of non-invasive innovative health technologies which aim to support consumers with varying health concerns.
“The company first started out on our Propel Programme and since then we have continued to support it to grow through job creation, R&D and marketing activities. It’s great to see another NI company recognise the value of investing in R&D to support competitiveness, job creation and export led growth.”