Wise, a scaleup operating in the medical device sector and specifically developing advanced implantable electrodes for neuromonitoring, neuromodulation and brain-machine interface, announces the signing of a new financing round worth EUR 25m, comprising both an equity investment (round D) and a venture debt loan from the European Investment Bank (EIB), supported by InvestEU. This funding round aims to enhance both the development of the Heron electrode, Wise’s pioneering solution for spinal cord stimulation, and the commercial development of the Wise Cortical Strip (WCS), the electrode dedicated to neuromonitoring.
Wise signed a financing agreement with the EIB and completed the first closing of the capital increase. This equity round saw the participation of the new investor Wallaby family office of the Scagliarini family (GVS), together with the existing financial partners New Frontier Eureka! Ventureand Indaco Venture Partners. In addition to the capital increase, Wise converted from a limited liability company (Srl) to a joint stock company (SpA), reflecting its growth and business expansion ambitions.
The main goal of this new funding round is to complete the development, certification and an initial clinical trial of the Heron electrode, which is the first unidirectional multi-column electrode for spinal cord stimulation (spinalcord stimulation– SCS) that can be implanted percutaneously. It combines the advantages of multi-column (paddle) and cylindrical flat electrodes, providing greater energy efficiency, better spinal cord coverage, better signal detection (sensing) and less migration. This round will also be used to accelerate the commercialisation of the Wise CorticalStrip(WCS), the first soft, stretchable and minimally invasive electrode developed by the company for intraoperative neurophysiological monitoring of the brain, already CE-certified and FDA-approved.
“We are thrilled to have the continued support of our investors and to welcome Wallaby,” said Luca Ravagnan, CEO of Wise, in a note. “The EIB’s simultaneous decision to enter into a financing agreement with Wise, after rigorous due diligence on the company’s business, further demonstrates the growing confidence in our innovative technology to revolutionise the spinal cord stimulation market.
Marco Scagliarini, CEO of Wallaby, adds: ‘We are delighted to join the group of esteemed investors in Wise. We see great potential in the Heron electrode and look forward to contributing to its development and its marketing. Wise’s innovative approach and strong executive team provide a solid foundation for its future growth’.
Alessandro Izzo, Director for EIB equity, growth capital and project finance operations, says: “As the European Union’s bank, the EIB supports innovative projects such as Wise’s with the aim of improving the lives of thousands of people around the world. Only by investing in new medical technologies such as Heron can we meet future challenges and contribute to the well-being and prosperity of our society in Europe’.
‘The Heron’s preclinical effectiveness and optimal energy efficiency have been amply demonstrated,’ emphasises Stefano Peroncini, CEO of Eureka! Venture and board member of Wise – Eureka! is proud to have supported WISE in reaching these milestones and to guarantee its support also in the next crucial phase. Consistent with Eureka’s own mission, the Heron electrode is a revolutionary product that promises to improve the quality of life for many patients, offering them for the first time the opportunity to receive the best SCS electrode with the least invasive implantation procedure.”
Davide Turco, CEO of Indaco and board member of Wise, says: ‘Our investment in Wise is in line with our commitment to support transformative technologies in the medical field. With the Wise Cortical Strip, already on the market in Euopa and Australia, the company has demonstrated its ability to take an innovative neuro-electrode from its initial conception to commercialisation. With the Heron electrode, Wise is now poised to become a key player in the broader spinal cord stimulation market as well.”
Coinciding with the capital increase and conversion into a public limited company, a new board of directors was appointed for the company. Rodrigo Bianchi was appointed president, Luca Ravagnan was confirmed as managing director, and the new board members Stefano Peroncini, Laura Iris Ferro and Angelo Bernasconi joined the confirmed members Davide Turco and Nicola Trevisan.
The new board combines extensive experience in the medical device industry. Chairman Rodrigo Bianchi brings more than 30 years of experience as a senior global executive in the medical device industry, including 26 years at Johnson Johnson as president worldwide DePuy Mitek and president worldwide Ethicon. Angelo Bernasconi brings more than 30 years of experience as a senior executive in the medical industry gained at Sorin and LivaNova. Laura Iris Ferro, founder of Gentium, a Nasdaq-listed biotech company, contributes her deep entrepreneurial and corporate governance experience.
‘New Frontier is one of the first investors to have supported WISE,’ says Nicola Trevisan, representative of New Frontier and member of the board of Wise. We believe that the new board’s extensive experience in the medical market, combined with the financial expertise of the investors’ representatives, will accelerate Wise in its mission to make a significant impact in the fields of neuromodulation and neuromonitoring.” (photo: Wise website)
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