Jobs Boost As Belfast Firm Pioneers New Obesity Device

A Belfast health tech company is continuing to tackle global health challenges as it develops a new product to treat obesity, creating 22 jobs in the process.

Neurovalens, a global leader in neuro-technology products, continues to tackle the health challenges of obesity with research and development for the new device, following the success of pioneering weight-loss product Modius.

Some 22 jobs will support the project, which uses technology based on the neuro-stimulation of specific areas of the brain responsible for influencing appetite and cravings.

Neurovalens, which also works to tackle diabetes and sleep disorders, recently secured £4.6 million in equity funding from a number of investors- £1m of which was from Invest NI's TechstartNI, part of the agency's Access to Finance initiative.

The new medical device will be a regulatory approved medical product. The R&D grant enabled the company to undertake pivotal clinical trials, in collaboration with Ulster University and the University of California San Diego, to prove the effectiveness of the technology as a treatment for obesity.

Dr Jason McKeown, Co-founder and CEO of Neurovalens, said: "This is an exciting time for the company as we begin development of our second device, which will help tackle the problem of obesity. We are also growing our team across a range of disciplines from senior management to technical and marketing, to enable us to effectively develop, market, sell and support both the new medical device and Modius.

"Invest NI has been a great source of support to us since we set up the company in 2013. We benefitted from taking part in the Propel programme, and received R&D grant support to develop our Modius product. This latest offer of assistance is allowing us to capitalise on the success of Modius and will help us achieve our growth targets, generating significant new export sales."

Invest NI's Director of Innovation, Research and Development, Dr Vicky Kell, added: "Neurovalens has developed innovative, disruptive technology that has huge market potential given the global epidemic of obesity and associated health complications.

"Invest NI has supported the company from an early stage and it is fantastic to see it growing and establishing itself as a leader in its field. The new jobs created by this investment will bring the company's staff complement to 36.

"Neurovalens' Modius device, which non-invasively stimulates the brain to reduce appetite and cravings, is revolutionising the weight loss industry and has already helped thousands of people to lose weight.

"The company is a great example of how a partnership approach with Invest NI can deliver a commercial success story for Northern Ireland."

TechstartNI and Invest NI's R&D support are part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014–2020.



(JG/CM)