Finnish medical device company Sooma raises €5m to fund expansion into new markets

Finland-based medical device company Sooma has successfully raised €5 million in growth funding, which is to be used to allow the company to “continue its rapid expansion into new and existing markets” with brain stimulation treatments for depression.

Thomas Neuvonen, co-founder and CEO of Sooma, said that the company’s “innovative, drug-free treatment is designed to be easily accessible from the comfort of your own home. We are dedicated to reaching especially those underserved by medication, or those with limited access to psychotherapy, ensuring everyone suffering from depression has access to the best possible care.”

Sooma’s treatment solution, Transcranial Direct Current Stimulation, delivers a mild electrical current to stimulate the brain through a portable neuromodulation device, helping to alleviate symptoms of depression “without the need for pharmaceuticals”. The therapy can also be self-administered by patients at home, either as a standalone treatment or in combination with other treatment types.

The pairing of the neuromodulation system with a digital platform means that clinicians are able to remotely monitor treatment, with the potential to “improve efficiency and scalability”. Sooma’s devices have achieved European Medical Device Regulation certification, and FDA Breakthrough Device Designation for “novel therapies that show significant potential to provide a substantial improvement over existing options for severe or life-threatening conditions”.

Neuvonen said of the FDA designation: “The FDA Breakthrough Device Designation acknowledges Sooma as a crucial missing component in depression treatment in the US, opening us a unique opportunity to help millions of people suffering from depression. Gaining FDA approval would not just open up the therapy for patients throughout the US but also serve as a stamp of approval for regulators around the globe. We are committed to making our treatment accessible to patients in need worldwide as quickly as possible.”

In other news from the European region, Dassault Systèmes has announced the launch of a virtual twin project in collaboration with the Saint-Louis Hospital AP-HP in Paris, with aims of improving understanding around the respiratory transmission of viruses and optimising patient care.