07 Jun GENESIS Tech Transfer Boost invests €25,000 in the biotech company Spinally Medical
• Spinally Medical develops an intrathecal spinal cord stimulation system for the treatment of low back pain, smaller and more efficient than current ones, which is expected to make it easier for patients to live with the therapy.
• The €25.000 investment by GENESIS is the first investment of the Tech Transfer Boost vehicle and will enable further product development.
GENESIS Tech Transfer Boost, an investment vehicle created in 2022 and managed by the consultancy firm GENESIS Biomed, has made its first investment for a ticket of €25,000 in the biotech company Spinally Medical. The vehicle formed by GENESIS Biomed, FI Group and Crowd4Ventures for a total of €1M for 4 years, aims to detect and invest in early-stage projects in the biomedical sector from the health and academic environments.
Spinally Medical is a biotech company that has developed and protected a spinal cord stimulation system for the treatment of disabling low back and legs pain (LBP) that is much smaller and more efficient than current neuromodulation wires. Low back pain (LBP) is one of the leading causes of disability worldwide. Currently more than 80 million people in the US and Europe suffer from disabling low back pain (LBP). In addition to the dramatic impairment of quality of life, it causes enormous losses to economies around the world.
The intrathecal spinal cord stimulation system, developed by Spinally Medical, is inserted percutaneously into the intrathecal space and is based on a system that decides which pole is best placed to generate the electrical field. Its design, optimised to take advantage of the properties of cerebrospinal fluid, will result in a smaller implant size and a longer time between home recharges by the patient (going from several hours per week to less than 1 hour per month) due to its energy efficiency.
The investment made by GENESIS Tech Transfer Boost will enable the development of the product to a level of maturity that will allow it to attract venture capital investment in future investment rounds, facilitating its clinical validation and its arrival on the market.
Spinally Medical, S.L., is a start-up established at the end of 2022 and founded by Carles García together with Richard Nash, Andrés Izquierdo and Beatriz Llamusí. Its spinal cord stimulation cable is designed to reach the intrathecal space to improve performance, efficacy and efficiency. The company is currently raising a pre-seed round of €750k, of which €100k has already been committed. The Pre-Seed round will accelerate the path to animal and cadaver testing.
GENESIS Tech Transfer Boost is an investment vehicle in Early-Stage projects established in 2022 by GENESIS Biomed, FI Group and Crowd4Ventures for a total amount of €1M for 4 years managed by GENESIS Biomed and with tickets between €25,000 and €50,000.
GENESIS Biomed is a consultancy firm operating in the biomedical sector specialised in the provision of services to start-up companies, mainly from universities, research centres, hospitals and technology centres. GENESIS Biomed has its headquarters in Barcelona and has offices in Madrid.