A medical device company in Durham has raised about $10 million amid a brutal financial environment for the life sciences sector.
Scion NeuroStim has secured roughly $10 million in equity from 13 investors, according to an Oct. 13 filing with the U.S. Securities and Exchange Commission. The minimum investment from any outside investor was $1,000.
Robert Black, the company's chief operating officer, signed off on the filing. Black didn't return a request for comment.
The funding round comes in a year where many health care and pharmaceutical companies have been struggling to raise capital in order to keep their operations going. The Triangle has seen a surge in life sciences companies cutting jobs, filing for bankruptcy or even shutting down due to a lack of capital.
Scion, according to its website, is developing neuromodulation medical devices to improve "the lives of patients suffering from diseases and disorders of the central nervous system."
The company is listed as a sponsor for a clinical trial that's designed "to establish the safety and efficacy of a non-invasive neuromodulation device for treating symptoms associated with Parkinson's disease," according to a federal database of clinical trials.
The study, which involves up to 218 participants, started in May 2022 and is estimated to be complete in December.
Scion previously completed a study evaluating a device as a treatment for migraine headaches. The company in 2017 received clearance from the U.S. Food and Drug Administration for its ThermoNeuroModulation device as a treatment for episodic migraine, according to FDA documents.
In addition to Black, the SEC filing lists Steven Bischoff, Lesco Rogers and Lanty Smith as company directors. Smith is also identified as an executive officer and promoter of the company.
