- The bridge financing round was oversubscribed with strong support from private investors, as well as existing shareholders including medical device leader Cochlear
- The UMPIRE clinical trial will expand to multiple clinical sites in VIC, QLD and NSW
- Epileptic cycles are being revealed and early seizure forecasting efforts have been published
- The company is developing Minder®, a cloud-based, around-the-clock monitor that will improve the standard of care for epilepsy sufferers
14 March 2022, Melbourne, Australia: Australian medical device innovator Epi-Minder Pty Ltd (Epiminder) has hit multiple milestones in its quest to commercialise Minder®, an ultra-long term ambulatory electroencephalography (EEG) epilepsy monitor that aims to revolutionise the lives of millions of people suffering from epilepsy and seizures.
The company has successfully completed an oversubscribed bridge financing round, raising $AU16 million. Private investors and current shareholders including Cochlear, the Bionics Institute, the University of Melbourne and Seer Medical participated in the round.
The funds will be used to expand the ongoing UMPIRE (sUb-scalp Monitoring ePileptic seIzuREs) clinical trial for Minder® to additional clinical sites in Victoria, Queensland and NSW. The funds will also be used to expand product development, manufacturing and corporate activities.
Early results from the UMPIRE trial have been very encouraging revealing cycles in epileptic brain activity. “We are extremely pleased by the results obtained to date demonstrating significant long-term cycles of brain activity. These cycles are allowing Epiminder and its partner Seer Medical to forecast seizure risk. Initial seizure forecasting results have recently been published in Frontiers of Neuroscience,” said Professor Mark Cook, St Vincent’s Hospital neurologist and chair of medicine at the University of Melbourne.
“With the bridge round financing completed and the expansion of the UMPIRE clinical trial underway, Epiminder is well positioned to advance the Minder® ultra-long term epilepsy monitoring device. With our strategic partners from around Australia, Epiminder aims to revolutionise epilepsy care for millions of people around the world,” said Rohan Hoare, Chief Executive Officer of Epiminder.
Epilepsy affects 65 million people globally, with current medications only effective in two in three cases.
-ENDS-
Media inquiries:
Dr John Heasman
Chief Operating Officer
+61 421 709 978
Rudi Michelson
Monsoon Communications
+61 411 402 737
Background:
About epilepsy
More than 250,000 Australians and 3.4 million Americans are currently living with epilepsy, the most common brain disorder worldwide that can affect people at any age. Refractory epilepsy affects 30 per cent to 40 per cent of these patients, who cannot be adequately managed by drug therapy to remain seizure free.
About Minder®
Minder® is a minimally-invasive device for long-term monitoring of brain seizures, providing patients and their doctors with detailed data on seizure activity and frequency over an extended period. Patients can wear the device as they go about their normal daily activities.
Minder’s long-term monitoring of patients outside of a controlled clinical environment is expected to lead to more effective treatment of underlying conditions, including determining the effectiveness of drug therapies. Subject to clinical results, later generations of the device could include advanced detection and warning of impending seizure events.
About Cochlear Limited
People have always been Cochlear’s inspiration, ever since Professor Graeme Clark set out to create the first multi-channel cochlear implant after seeing his father struggle with hearing loss. Since 1981, Cochlear has provided more than 650,000 devices in more than 180 countries, helping people of all ages around the world to hear. As the global leader in implantable hearing solutions, Cochlear connects people with life’s opportunities, and welcomes them to the world’s largest hearing implant community.
Cochlear has a global workforce of more than 4,000 people, with a passion for progress, who strive to meet the needs of people living with hearing loss. The company continually innovates to anticipate future needs, investing more than AUD$2 billion to date [in research and development] to push the boundaries of technology and help more people hear.
About the Bionics Institute
The Bionics Institute is an internationally recognised, independent medical research institute that solves medical challenges with technology. We lead the world in the research and development of innovative medical devices and therapies to transform the lives of people with hearing and vision impairment, autoimmune and chronic conditions, and conditions affecting the brain.
About University of Melbourne
The University of Melbourne is a global leader in higher education where brilliant minds come together to address important questions and tackle grand challenges.
We equip our students with a future-facing education personalised around their ambitions, enriched by global perspectives and embedded in a collaborative research culture. As active citizens and future leaders, they represent our greatest contribution to the world.
We engage our communities to ensure that education and research is inspired by need and for the benefit of society. In this, we remain true to our purpose and will fulfil our mission as a public-spirited institution dedicated to the principles of fairness, equality and excellence in everything we do.
About St Vincent’s Hospital Melbourne
St Vincent’s Hospital Melbourne is a world-leading research hospital, with a reputation for compassionate care and innovation. St Vincent’s boasts an award-winning education program, as well as a research program with a strong international reputation in translational research and biomedical engineering.
As a major tertiary hospital, St Vincent’s provides acute medical and surgical services, emergency and critical care, aged care, diagnostics, rehabilitation, allied health, mental health, palliative care, community and outreach services and residential care.
About ACMD
ACMD is Australia’s first hospital-based biomedical engineering research centre. Its collaborative approach brings together leading universities, research institutes and a tertiary hospital to take on today’s toughest healthcare challenges using mechanical, electronic, robotic and digital and data engineering to create smart devices, implantables and technology that will improve the quality of life for people living with serious illness. Part of St Vincent’s Hospital Melbourne, ACMD will position Australia as a global leader in biomedical engineering.
The Minder project is being jointly led by St Vincent’s Hospital Melbourne, the University of Melbourne and the Bionics Institute, who are partners in ACMD. Other ACMD partners include Swinburne University, RMIT, Australian Catholic University, St Vincent’s Institute, University of Wollongong and the Centre for Eye Research.
About Seer
Seer is reimagining how and where people undergo long-term brain, heart, and respiratory monitoring for faster paths to diagnoses and better patient outcomes. Seer’s solutions include an at-home epilepsy monitoring system and wearable medical devices, mobile apps for tracking and forecasting seizures, and cloud technology that translates big data into useful medical insights. Since its launch in 2017, Seer’s at-home epilepsy diagnosis service has helped over 10,000 Australians gain access to gold-standard medical care. Seer has raised $44 million to date from investors including Cochlear, EWM Group, SG Hiscock and Giant Leap. Learn more about how Seer is working to democratise healthcare at www.seermedical.com