TORONTO, Jan. 23, 2025 /CNW/ - Grey Matter Neurosciences, a neurotechnology company developing medical devices that facilitate therapeutic brain stimulation, is pleased to announce that it has licensed advanced focused ultrasound technology developed at Sunnybrook Research Institute. The technology holds transformative potential in the treatment of Alzheimer’s and other brain diseases and disorders.
The company concurrently secured $14 million in seed financing, with proceeds designated for the development of a unique ultrasound headset and its assessment in clinical trials in individuals with Alzheimer’s disease. The financing was led by the Wittington Innovation Fund, with participation from Toronto Innovation Acceleration Partners, Ontario Brain Institute, and Ontario’s Life Sciences Innovation Fund, an early-stage co-investment fund managed by the Ontario Centre of Innovation (OCI) that supports Ontario-based companies in the life sciences and health technologies sectors.
In conjunction with the financing, Grey Matter also announced that Jim Orlando, Managing Partner of Wittington Ventures, Dr. Lara O’Donnell, Executive Director of the Weston Family Foundation, and Dr. Andy Smith, President and CEO of Sunnybrook Health Sciences Centre, will join the company’s Board of Directors. Parimal Nathwani, President and CEO of Toronto Innovation Acceleration Partners, will serve as a Board Observer.
Revolutionary Technology Addressing Critical Need
The technology licensed by Grey Matter was invented by focused ultrasound pioneer Dr. Kullervo Hynynen and his team at Sunnybrook Research Institute. Focused ultrasound is unique among neuromodulation modalities in that it can be used to non-invasively perform precise stimulation anywhere in the brain, offering a promising therapeutic approach for enhancing cognition in patients with Alzheimer’s disease. The Sunnybrook technique is further differentiated by its ability to operate without the need for external image guidance, making it more accessible and enabling its application in non-hospital settings.
“Sunnybrook is a world-leading site for the development and clinical assessment of focused ultrasound technologies,” said Dr. Smith. “Sunnybrook Research Institute’s latest technology, which builds on this legacy of excellence, is unparalleled in its combination of accuracy and portability, positioning it to underpin office- and even home-based treatment devices.”
Equity Investment to Advance Treatment Solutions
The $14 million equity financing will support advanced research on focused ultrasound neuromodulation, build a first-in-class product, and establish the safety and feasibility of the technology in a clinical trial enrolling patients with Alzheimer’s disease. Among other things, investigators will assess the ability of the transcranial focused-ultrasound device to sustainably improve cognitive performance, including memory.
“Generally speaking, there are no marketed therapies that can significantly and sustainably enhance cognitive function in individuals with dementia,” said Dr. Jeffrey Coull, Founder and CEO of Grey Matter. “I believe that our technology, which can reach the deepest recesses of the brain that control memory and learning, holds massive potential to boost cognition and, more generally, revolutionize how Alzheimer’s and other diseases of the brain are treated.”
“The Wittington Innovation Fund was designed to address the critical need for more funding for companies that are commercializing groundbreaking Canadian research innovations,” said Jim Orlando. “Grey Matter, whose technology holds so much potential to help people with brain diseases, is an excellent example of the types of ventures we seek to support.” OCI’s President and CEO, Dr. Claudia Krywiak, concurred, adding that the opportunity “demonstrates the power of Ontario’s innovation ecosystem to transform treatment for Alzheimer’s and other diseases.”
About Grey Matter Neurosciences
Grey Matter Neurosciences is a Toronto-based neurotechnology company developing innovative medical devices and drug-device combinations to treat age-related diseases of the brain, including dementia. The company’s innovations are based on unique transcranial focused-ultrasound technology, which was invented by ultrasound pioneer Dr. Kullervo Hynynen at Sunnybrook Research Institute.
About Sunnybrook Research Institute
Sunnybrook Research Institute is one of the world’s premier academic medical research centres, renowned for its work in medical imaging, biomedical engineering, and neuroscience. As part of Sunnybrook Health Sciences Centre, it is dedicated to advancing healthcare through pioneering research and fostering partnerships that translate scientific discoveries into clinical practice.
About Wittington Innovation Fund
The Wittington Innovation Fund is a seed-stage fund established by the Weston family to invest in companies that are commercializing research in the healthcare and climate sectors, with a focus on helping Canada and Canadians. All profits generated by the Innovation Fund will be reinvested in companies and/or be used to support philanthropic endeavours within the Canadian healthcare and climate areas.
www.greymatterneurosciences.com
SOURCE Grey Matter Neurosciences
