Injection of fresh capital into PD Neurotechnology follows favorable assessment of its remote monitoring device from NICE, paving the way for NHS adoption in the UK
London, UK, 25 April 2023: PD Neurotechnology®, a medical device company, today announced that it has secured a strategic investment from Crimson International Investment (CII), the Al Jazira Group's investment arm that specializes in fast paced and disruptive technologies. In addition to the investment, CII, which is based in Abu Dhabi, will become the exclusive distributor of PDMonitor® in the Gulf countries.
PD Neurotechnology® has developed PDMonitor®, a medical-grade wearable device that automatically tracks the full range of Parkinson's motor symptoms on an ongoing basis, coupled with information on drug and food intake. It enables physicians to tailor treatment plans based on objective data showing the patients’ status in their day-to-day lives.
In January 2023, PDMonitor® was one of just five devices to be conditionally recommended for remote monitoring of Parkinson's disease to inform treatment by NICE, the National Institute for Health and Care Excellence. This decision opened the door to the use of PDMonitor® by NHS patients and their physicians in the UK.
CII’s investment is part of a €2.7 million injection of working capital, which includes further funding from existing investors Onassis Foundation, Big Pi Ventures, the National Bank of Greece, and new investor PDNTECH Investors S.R.L., a special purpose fund managed by crowdfunding platform Seedblink, to support PD Neurotechnology® 's international growth plans. The funding forms part of PD Neurotechnology® 's Series A round, which it plans to close this year.
Nikos Moschos, co-founder and business director of PD Neurotechnology®, comments: "We are delighted to secure further funding, as well as another strategic investor and partner to take our pioneering Parkinson's monitoring device into new markets. NICE's positive evaluation and recommendation, which supports NHS use of PDMonitor®, was a big endorsement for our business and technology."
To date, more than 1,000 Parkinson’s patients have used PDMonitor® to monitor their symptoms to inform treatment, in sales or clinical studies, in the UK, USA, Canada, France, Austria, Germany, Italy, Spain, Sweden, Switzerland, Ireland, Greece, Turkey, Cyprus and Israel.
Preliminary feedback from patients monitored for up to two years with PDMonitor® indicates many feel their condition stabilized (43 per cent) or improved (35 per cent) after using it. Clinical trials have recorded very high reliability and specificity levels and symptom detection accuracy of up to 93 per cent.
About PD Neurotechnology® : pdneurotechnology.com
PD Neurotechnology® is a medical device company transforming healthcare for millions of people worldwide with Parkinson's Disease. Its patented technology enables continuous monitoring of Parkinson's symptoms in the real world, providing physicians with objective data to fine-tune patients' treatment plans and improve symptom management. PD Neurotechnology is based in London, UK, and its research and development, clinical studies, production and distribution, sales and marketing operations are located in Ioannina and Athens, Greece.
About Crimson International Investment: crimsonii.com
Al Jazira Group's Investment arm, Crimson, specializes in fast paced and disruptive technologies across four sectors: automotive, block-chain, finance, and healthcare. The company strategies focus on investing in fast-growing and profitable companies that have scalable and resilient performance regardless of economic challenges. Crimson Investment strongly believes health is the single most important factor for community wellbeing. They are continually developing their healthcare sector by investing in advanced diagnostic solutions for early detection hence reducing the cost of malpractice and the rate of health complications.
For more information please contact:
James Taylor | Roaring Mouse Public Relations (PR agency for PD Neurotechnology)
T: (0)1246 938833 | M: +44 (0)7796 138291