Equity investment from leading brain-focused foundation will fund preclinical work required to begin human clinical trials.
Toronto, Canada, April 10, 2023 – Bioelectronic medicine company Panaxium today announced that it has received an investment from the Ontario Brain Institute (OBI) to fund preclinical work that is required for its neuromodulation stroke therapy human clinical trials.
According to the World Stroke Organization, 1 in 4 adults over the age of 25 will have a stroke in their lifetime. Stroke happens when the blood supply to the brain is cut off. Without blood, brain cells can be damaged or die. The impact of stroke can be short and long-term, depending on which part of the brain is affected and how quickly the patient receives treatment.
There are 100 million people in the world who have survived a stroke, many of whom experience a wide range of disabilities including difficulties with mobility and speech, as well as how they think, feel, and behave. Globally, this is a $700 Billion annual societal cost.
“The human brain has an intrinsic, extraordinary ability to rewire itself after an injury,” says Dr. Brad Schmidt, PhD, CEO and co-founder, Panaxium. “This miraculous natural ability of the brain is what inspired the development of our neuromodulation therapy. Modern advancements have unlocked how the brain can be remapped to restore function – but the tools required to safely and precisely stimulate the cortex do not exist yet. Our solution addresses this massive need.”
Panaxium’s ultrathin, lightweight iontronic temporary implant gently conforms to the brain, providing unparalleled resolution, stimulation control, and safety to precisely target the right pathways in the right moment.
“OBI helps neurotechnology companies complete the work required to secure bigger investments from leading life sciences venture capital firms,” says Dr. Tom Mikkelsen, President & Scientific Director, OBI. “Our team believes Panaxium has incredible potential to help millions of people who have survived a stroke but are living with life-altering deficits and that is why we made an investment in this exciting company.”
To learn more about Panaxium, visit the website.
About the Ontario Brain Institute
The Ontario Brain Institute (OBI) is a not-for-profit organization that accelerates discovery and innovation, benefiting both patients and the economy. OBI’s collaborative ‘team science’ approach promotes brain research, commercialization, and care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders. Funding provided, in part by, the Government of Ontario. Learn more at braininstitute.ca.
About Panaxium
Panaxium is a bioelectronic medicine company aiming to fundamentally change the way neurological disease is treated using the advantages of AI-enabled iontronic devices. The company is comprised of a multidisciplinary team of internationally renowned scientists, including world experts in organic bioelectronics and leaders in the fields of chemistry, materials science, electrical engineering, systems design, electronic engineering, data science, biology, biochemistry, and nanotechnology. Together they are working to solve some of the most difficult and important problems in medicine. For more information about the company please visit www.panaxium.com.
Originally published: https://www.newswire.ca/news-releases/ontario-brain-institute-invests-in-panaxium-to-fund-preclinical-work-for-novel-neuromodulation-stroke-therapy-814406303.html
Media Contacts:
Renée Dunk, Senior Lead, Communications, Ontario Brain Institute, rdunk@braininstitute.ca
Angela Bourne, Head of Communications, Panaxium, Angela.Bourne@Panaxium.com
