NinaMED Secures $13.75M to Advance Non-Invasive Overactive Bladder Therapy Targeting 550 Million Patients
Key Insights
NinaMED Pty Ltd (search), a newly formed Australian medical device company, secured $13.75 million in financing led by SPRIM Global Investments (search) to develop the NiNA System (search)®, a non-invasive, at-home therapy for overactive bladder (search).
The NiNA System (search)® targets the saphenous nerve (search) through wearable neuromodulation technology, offering a drug-free alternative for the estimated 550 million people worldwide affected by overactive bladder (search).
The company obtained exclusive global licensing rights from Toronto-based EBT Medical (search) and appointed Ian Meredith, former Boston Scientific executive, as Board Chair to lead commercialization efforts.
NinaMED Pty Ltd (search), a newly established Australian medical device company, announced the completion of $13.75 million (AUD $19 million) in financing led by SPRIM Global Investments (search) to advance the global commercialization of the NiNA System (search)®, a non-invasive, at-home therapy for overactive bladder (search) (OAB (search)). The Melbourne-headquartered company secured exclusive global licensing rights from Toronto-based EBT Medical (search) to develop and commercialize this drug-free alternative targeting a 550 million-patient market worldwide.
Novel Neuromodulation Technology Addresses Unmet Medical Need
The NiNA System (search)® represents a breakthrough in OAB (search) treatment through its non-invasive, wearable neuromodulation technology that activates the saphenous nerve (search) target. The device targets the saphenous nerve—a shallow, sensory-only nerve accessed in the upper calf—which operates via a centralized mechanism designed to deliver a safer, more efficacious, and more comfortable treatment experience compared with existing neuromodulation approaches.
OAB (search) affects an estimated 550 million people worldwide and represents one of the most significant underserved conditions in urology. Current treatments—anticholinergic medications (search), beta-3 agonists (search), botulinum toxin injections, and sacral/tibial nerve stimulation—are associated with systemic side-effects, invasiveness, or the burden of frequent in-clinic procedures. For patients who do not want to take another pill and are not ready for surgery, the NiNA System (search)® may be an ideal alternative.
Strategic Leadership and Clinical Development Path
The company appointed a distinguished Board of Directors led by Chair Ian Meredith, a leading Australian interventional cardiologist and former Executive Vice President and Global Chief Medical Officer at Boston Scientific. The board also includes Non-Executive Directors Kelly Constable, an experienced healthcare and medtech executive, and Steffen Hovard, who brings direct relevant experience as former President of Coloplast's Interventional Urology business and CEO of a start-up Sacral Neuromodulation company.
"I am excited by the strength and simplicity of the NiNA System (search)® technology, the significant unmet need in pelvic health disorders (search), and the opportunity to be appointed Chair of NinaMED at such an important stage in its development," said Professor Ian Meredith. "I look forward to working with the NinaMED team as it builds and maintains an Australian presence in support of a global commercialization opportunity."
Technology Foundation and Clinical Progress
The NiNA System (search)® technology was discovered and patented at the University of Toronto by EBT Medical (search)'s co-founder, Professor Paul Yoo. The device has been studied in multiple feasibility studies in the United States and Canada, demonstrating its potential to significantly and persistently deliver reduced symptoms of OAB (search) through convenient, in-home treatment sessions.
The new financing will be used to accelerate development of the NiNA System (search)®, support the path to an Investigational Device Exemption (IDE) Application, and build out the company's operations in Australia for this worldwide commercialization opportunity.
Industry Support and Investment Backing
"SPRIM is excited to announce the establishment of NinaMED as a new Australian medical device company and to have led this financing," said Michael Shleifer of SPRIM Global Investments (search). "The NiNA System (search)® represents a compelling and differentiated solution in the large and growing OAB (search) market. We look forward to supporting NinaMED as it advances NiNA towards worldwide commercialization."
Gregory Madden, Managing Director of SV Health Investors (search) and EBT Board Member, added: "SV Health Investors welcomes this important step forward for EBT Medical (search), the advancement of the NiNA System (search)® technology and the establishment of NinaMED. NiNA addresses a significant unmet patient need with a compelling, novel approach."
Keith Carlton, Co-Founder, Chief Executive Officer, and Board Member of EBT Medical (search) Inc., noted: "This financing marks an important milestone in the journey of a technology we have invested deeply in, and we are pleased to see NinaMED advancing toward commercialization with the support of SPRIM and long-standing backer SV Health Investors (search). EBT will continue to develop Ina, its fully implantable saphenous nerve (search) technology, as NinaMED advances NiNA System (search)® toward commercialization."