OBI-backed company secures $14M financing to advance new treatment for Alzheimer's disease

January 20, 2025

Grey Matter Neurosciences, a neurotechnology company developing medical devices that facilitate therapeutic brain stimulation supported, in part, by the Ontario Brain Institute (OBI), 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 OBI as well as Toronto Innovation Acceleration Partners and Ontario Centre of Innovation.

Dr. Tom Mikkelsen, OBI's President and Scientific Director, recently made the case that partnerships between industry, research and philanthropy play an integral in fostering and driving innovation.

"As a catalyzer in the brain health space since 2010, the Ontario Brain Institute has always espoused a 'team science' approach to promoting neuroscience research, accelerating commercialization, and enhancing care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders,” Dr. Mikkelsen said. "As such, we saw it as close to mission-critical to support Grey Matter Neurosciences in their work to restore brain function to seniors impacted by Alzheimer's disease and other dementias through the unique power of focused ultrasound."

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 and concentration.

“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.”

“Grey Matter is an excellent example of the type of company that the Wittington Innovation Fund was designed to support,” added Jim Orlando, Managing Partner of Wittington Ventures. “Wittington’s investment reflects our conviction that now is the time to commercialize this research so that Canadians and people around the world with Alzheimer’s can finally realize some relief from this terrible disease.”

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.

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