Neuronetics raises funds to expand sales team for NeuroStar TMS Therapy

New Leaf Venture Partners (NLV Partners) announced today it has led a $30 million Series D financing round in Neuronetics, Inc., maker of NeuroStar TMS (Transcranial Magnetic Stimulation) Therapy^® for the treatment of depression. NLV Partners was joined by existing investors, including Investor Growth Capital, Quaker BioVentures, Three Arch Partners, Onset Ventures, Interwest Partners and KBL Healthcare Ventures. As part of the financing round, Liam Ratcliffe, M.D., Ph.D., Venture Partner at NLV, will join Neuronetics’ Board of Directors.

“Depression is a debilitating disease that continues to have a major impact on many millions of patients and their families, despite currently available therapies,” commented Dr. Ratcliffe. “NeuroStar TMS Therapy, which Neuronetics successfully shepherded through FDA clearance and U.S. commercial launch, offers to patients a truly distinct, non-invasive treatment option. Further, NeuroStar TMS Therapy is supported by an extensive body of research and a rigorous clinical program that compares very favorably to the top-tier studies with which I am familiar from my background as head of Pfizer’s Neuroscience Drug Development. I am delighted to be working with the Neuronetics management team and board in this exciting post-launch phase and on the further development of the technology.”

“We are proud to announce the closing of this financing round led by new investor NLV Partners, a highly experienced and respected life sciences venture capital firm,” said Bruce J. Shook, President and CEO of Neuronetics, Inc. “In addition to allowing us to expand our sales and customer support teams for NeuroStar TMS Therapy, the proceeds of the financing will help further our development of next-generation neuromodulation technologies for the treatment of psychiatric and neurologic disorders.”