Invest Northern Ireland is supporting the R&D project and new jobs with an offer of over £1million of support.
The new medical device will be a regulatory approved medical product. The R&D grant will enable the company to undertake pivotal clinical trials, in collaboration with Ulster University and University of California San Diego, to prove the effectiveness of the technology as a treatment for obesity.
Dr Jason McKeown (pictured right), Co-founder and CEO of Neurovalens, who was also recently awarded the Helen Ramsey Turtle Scholarship at QUB, said: “This is an exciting time for the company as we begin development of our second device, which will help tackle the problem of obesity. We are also growing our team across a range of disciplines from senior management to technical and marketing, to enable us to effectively develop, market, sell and support both the new medical device and Modius.
“Invest NI has been a great source of support to us since we set up the company in 2013. We benefited from taking part in the Propel programme, and received R&D grant support to develop our Modius product. This latest offer of assistance is allowing us to capitalise on the success of Modius and will help us achieve our growth targets, generating significant new export sales.”
Neurovalens recently secured £4.6 million in equity funding from a number of investors including Invest NI’s TechstartNI, which is part of the agency’s Access to Finance initiative.
Invest NI’s Director of Innovation, Research and Development, Dr Vicky Kell (pictured left), said: “Neurovalens has developed innovative, disruptive technology that has huge market potential given the global epidemic of obesity and associated health complications. Invest NI has supported the company from an early stage and it is fantastic to see it growing and establishing itself as a leader in its field. The new jobs created by this investment will bring the company’s staff complement to 36.
“Neurovalens’ Modius device, which non-invasively stimulates the brain to reduce appetite and cravings, is revolutionising the weight loss industry and has already helped thousands of people to lose weight. The company is a great example of how a partnership approach with Invest NI can deliver a commercial success story for Northern Ireland.”
TechstartNI and Invest NI’s R&D support are part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014–2020.
