PE-backed GTX Medical, a Netherlands-based medtech company, has merged with NeuroRecovery Technologies, a US-based medical devices development company.
The merged entity, GTX Medical BV, will have charitable organisation The Christopher & Dana Reeve Foundation as a new investor, alongside existing investors LSP, Inkef, Wellington Partners and Gimv.
The latter backers invested €26m in a series-A round for GTX in 2016. At the time, the company also secured a €10m deferred innovation loan from the Dutch ministry of Economic Affairs to support the development of its innovative therapeutic solutions.
Founded in December 2014, GTX is developing an implantable neuro-stimulation system with real-time motion feedback and uses training tools to rehabilitate patients suffering from neurological disorders such as spinal cord injury. The company is based in Eindhoven and employs around 50 people.
Founded in 2011, NeuroRecovery Technologies is a medical technology company focused on the design and development of devices and applications to help restore function and movement in patients with paralysis. Its current technology evolved from collaborative research between the University of California Los Angeles, the California Institute of Technology, and the University of Louisville. The business is based in San Juan Capistrano.
GTX Medical – Sjaak Deckers (CEO).
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Insight, Deutsche Telekom Capital Partners, Capnamic and Iris Capital also participate