Investors Include BioGenerator, Missouri Technology Corporation, and Integrated Magnetics
ST. LOUIS--(BUSINESS WIRE)--BioGenerator, a non-profit, seed-stage economic development funding group, today announced that it has led a round of early-stage financing for Pulse Therapeutics, Inc., a St. Louis company headquartered at the Center for Emerging Technologies. Pulse Therapeutics develops innovative magnetism-based technology to safely destroy blood clots related to ischemic stroke and deep vein thrombosis (DVT). Other investors who participated in the round were Missouri Technology Corporation (MTC), Washington University’s Olin School of Business Skandalaris Student Venture Fund, and Integrated Magnetics, of Culver City, California. The funds will be used for further pre-clinical development.
“My confidence in the Pulse Therapeutics team, its technology, and the clinical potential, has led me to participate alongside the institutional investors.”
Pulse Therapeutics’ technology has the potential to significantly improve the standard of care for the treatment of ischemic stroke and deep vein thrombosis, from which a combined number of approximately 400,000 Americans die each year. Current approaches to remove clot material from the endovascular system rely on high doses of thrombolytics (lytics or clot-busting drugs), which can induce life-threatening bleeding. Also, the aggressive nature of current medical devices used to enhance lytic therapy can result in damage to blood vessels or leaflet valves. Because Pulse Therapeutics’ technology is less likely to result in negative secondary effects on the vascular system, and because it targets and amplifies a much lower dose of lytic drugs for stroke therapy, it could provide a safer, more effective treatment, which would enable the therapy to be offered to more patients.
Pulse Therapeutics’ founders, Francis Creighton, Ph.D., and Rogers Ritter, Ph.D., were former scientists at Stereotaxis, Inc. The company’s scientific advisory board is comprised of leading clinicians, including Washington University faculty members Dr. Ralph Dacey, Professor and Chairman of Neurosurgery; Dr. Colin Derdeyn, Professor of Radiology and Associate Professor of Neurology and Neurological Surgery; and Dr. Patrick Geraghty, Associate Professor of Surgery and Radiology. The scientific advisory board also includes Washington University faculty member, Dr. Michael Talcott, Research Assistant Professor of Surgery and Neurosurgery and Director of Veterinary Surgical Services, and Dr. Eric Gulve, President of BioGenerator.
Dr. Eric Gulve stated, “We have identified this as an exciting example of the potential for medical device technology to substantially improve the utility of existing medicines. Use of Pulse Therapeutics’ technology for treatment of deep vein thrombosis and stroke offers the promise of multiple benefits to patients with these life-threatening conditions while reducing the financial burden on our healthcare system. Possible benefits also include improved effectiveness and a reduction in serious side effects, the ability to offer therapy to more patients in need, and an expansion of the pool of physicians able to deliver therapy.” Gulve continued, “BioGenerator is enthusiastic about working with such a highly skilled and experienced team of founders, and we are pleased to provide funding and other support for critical pre-clinical proof-of-concept studies designed to evaluate the therapeutic capability of this promising early-stage technology.”
Jason Hall, Executive Director of Missouri Technology Corporation, said, “Pulse Therapeutics is precisely the kind of cutting-edge company that we need to keep in our state to create high-paying jobs for Missourians for years to come. MTC is pleased to join our regional partners to support the growth of Pulse and to retain sought-after medical device entrepreneurs like Drs. Creighton and Ritter in the St. Louis region.”
“I am delighted that Pulse Therapeutics has received initial funding for its promising and novel application of advanced magnetics using nanoparticles for the treatment of stroke and other vascular disorders," remarked Bevil J. Hogg, CEO of EndoStim.
Pulse Therapeutics’ technology has also attracted investment from outside of the region. Anil Nanji, President of Integrated Magnetics, stated, “We believe that Pulse Therapeutics has a very strong technical leadership team with the added benefit of its founders having learned valuable commercial, regulatory, and business lessons through their involvement in other medical device ventures. The product appears to significantly enhance the effectiveness of existing medications . . . reducing the risks inherent in new product introductions in the medical device arena.”
Former Stereotaxis CTO, Peter Werp, said of his contribution to the recent funding, “My confidence in the Pulse Therapeutics team, its technology, and the clinical potential, has led me to participate alongside the institutional investors.” Werp explained, “Two chronic problems in health care are cost and access. Pulse Therapeutics’ technology, when proven and made available to the medical community, should reduce the cost of safely breaking up blood clots in both deep vein thrombosis and ischemic stroke. By using ultrasound instead of more expensive and specialist-limited angiography to manage the procedure, and because of the technology’s low capital and procedure costs, it offers the possibility of becoming widely available to stroke clinics, outpatient clinics, and emergency rooms, and could expand access to more patients.”
About BioGenerator
BioGenerator is a privately funded, non-profit organization created to facilitate the formation of life science companies across the St. Louis region. Founded in 2003, BioGenerator’s mission is to identify and nurture promising life science technologies, and to work with the researchers/inventors to build successful, sustainable life science companies for economic development in the St. Louis region. BioGenerator provides assistance in multiple areas (e.g. commercial, technical and/or IP strategy), and pre-seed or seed funding at the very earliest stages of new life science companies.
About Missouri Technology Corporation
The Missouri Technology Corporation was created by the Missouri General Assembly in 1994 and is charged by law with leading Missouri’s technology-based economic development programs. It is governed by a board of directors appointed by Missouri’s Governor, Speaker of the House, and President Pro Tem of the Senate, and includes the President of the University of Missouri system and the Director of the Department of Economic Development. MTC promotes entrepreneurship, fosters the growth of new high-tech companies, and leads efforts to expand Missouri’s high-tech clusters in areas such as plant science, animal health, information technology, medical devices, and applied engineering.
About Washington University’s Skandalaris Student Venture Fund
The Skandalaris Student Venture Fund (SSVF) is a student-run venture capital fund facilitated through Washington University’s Olin Business School. The primary goals of the SSVF are to expand students’ knowledge of the process of venture capital investing, while contributing to the entrepreneurial character of the St. Louis community.
About Integrated Magnetics
Integrated Magnetics (IM) has over fifty years of experience in advanced magnetics, specializing in engineering and building custom magnets, magnetic assemblies, and electrical machines for complex and critical applications. The medical market is one of IM’s major markets. Integrated Magnetics is based in Culver City, CA. and is a division of the Integrated Technologies Group (ICG).
