Edinburgh medtech firm Manus Neurodynamica has closed a £750,000 funding round to develop its digital pen which provides an early warning of Parkinson’s disease.
Par Equity led the investment which Manus will use to grow its team, develop the product, support its move into clinical trials markets and develop the next generation of products.
Par was joined in the round by Scottish Investment Bank, the investment arm of Scottish Enterprise, and Old College Capital, the University of Edinburgh’s venture fund.
Manus’ pen employs sensors linked with analytical software which analyses tiny limb and hand movements that can help doctors assess whether a patient has early signs of Parkinson’s or other neurological conditions. The system is CE-marked system and can be used by non-experts at home.
It has passed clinical trials with the NHS in the north-east of England and Scotland, and is being used by NHS Northumbria and medics in the Netherlands. Manus also has a development contract with NHS England to develop a version that can be used in GP surgeries.
In January this year, the firm announced a five-year contract for German stationery maker Stabilo to produce the pen.
Manus Neurodynamica chief executive Dr Rutger Zietsma said: “We are excited to be working with Par Equity and our other new shareholders to accelerate the commercialisation of our neuromotor assessment technology. From our very first meeting it was obvious that we and Par Equity shared a vision of the global potential for the product, not just in Parkinson’s disease but in many other clinical indications.”
It is Par’s third investment since its partnership with British Business Investments through the Regional Angels Programme in April, having backed UniKLasers and clean energy firm EC-OG.
Par Equity p artner Robert Higginson said: “Par Equity first invested in Manus Neurodynamica in 2018 and we are delighted to continue supporting it as one of Scotland’s up and coming healthtech start-ups.
“The Company has developed a platform that dramatically improves the overall efficiency of the Parkinson’s disease diagnosis pathway in both primary and secondary care. The technology also has potential applications in adjacent fields in neurology.
“Manus is well placed to execute on this strategy and through our EIS Fund, our private investor network, the British Business Investments and the Scottish Investment Bank, we are able to draw on a breadth of firepower to support our portfolio.”
Scottish Investment Bank director Kerry Sharp added: “Manus Neurodynamica has enjoyed positive outcomes in clinical trials at home and internationally, and we are happy to provide continued support to the company through the next stage of its growth plans.”
