Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Boston Scientific goes for neurostim: Northstar Neuroscience plans to commence by year-end a pivotal study for its neurostim system to enhance hand and arm motor recovery post-stroke, pending FDA approval of the firm's trial design. Proceeds from a Series E financing completed by Boston Scientific will support the study, which is designed to randomize against identical rehabilitative therapy without neurostim. Feasibility studies have demonstrated a motor improvement "months or even years" after a stroke has occurred, Northstar says, noting that current stroke therapies address prevention or motor function within days of a stroke. The firm also is exploring use of its technology for post-stroke speech therapy. Boston Scientific's involvement furthers its interest in the neurostim market following its $740 mil. acquisition of Advanced Bionics in June (1"The Gray Sheet" June 7, 2004, p. 17). Other investors in Northstar include Johnson & Johnson Development Corp., Mayfield Fund and Domain Associates...