GTX medical BV (GTX, formerly known as G-Therapeutics) and NeuroRecovery Technologies Inc (NRT) announce their merger to create a global company committed to developing novel neuromodulation therapies to improve functional recovery of people with spinal Ccrd injuries (SCI). The merged entity will be known as GTX medical BV.
The Christopher & Dana Reeve Foundation will be a shareholder in the merged company, alongside current investors including LSP, Inkef, Wellington Partners and GIMV. Ian Curtis, board member of the Reeve Foundation, will join the Board of Directors.
The merged company is developing Targeted Epidural Spine Stimulation (TESS), an implantable spinal cord stimulation system with real-time motion feedback. This system is in late-stage development and has already been shown to restore locomotion in a select number of patients with spinal cord injury. A second, non-invasive product offering – Transcutaneous Spinal Cord Stimulation (tSCS) – is being developed to restore upper limb movement and hand function.
The companies will combine their collective scientific and technical expertise, and will continue to collaborate with physicians and clinical scientists, to develop other complimentary applications for their technologies to further improve functional recovery and alleviate neurological impairments, a media release from GTX medical BV explains.
“People with spinal cord injuries deserve a dedicated and coordinated effort of scientists, clinicians and entrepreneurs to bring to market new therapies and products to improve functional outcomes and quality of life. Our combined organization is dedicated and committed to improving the well-being of these individuals,” Sjaak Deckers, CEO of GTX, says in the release.
“Neurostimulation represents the single biggest breakthrough ever in creating dramatic functional recovery in patients living with SCI. With the support of the Reeve Foundation, the first worldwide organization in SCI history will be established,” Jay Shepard, Board Member of NRT, comments.
Peter Wilderotter, President and CEO of the Reeve Foundation, states, “The Reeve Foundation has invested tens of millions of dollars in basic research to get us to this point. We believe discoveries are the moral property of people living with paralysis. This strategic alliance between GTX and NRT will bridge the translational gap that exists between academia and industry to speed the development of vital new treatments and therapies. However, beyond a partnership, it is a promise that is long overdue to the millions living with spinal cord injury worldwide.”
[Source(s): GTX medical BV, Business Wire]