Newly established Australian medical device company NinaMED has secured $13.75 million (AUD $19 million) in financing led by SPRIM Global Investments to develop and commercialize the NiNA System – a non-invasive, at-home, drug-free wearable neuromodulation therapy for overactive bladder (OAB).
OAB affects an estimated 550 million people worldwide and disproportionately affects women. Current treatment options – anticholinergic medications, beta-3 agonists, 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 don’t want another pill and aren’t ready for surgery, options have been limited.
The NiNA System targets the saphenous nerve, a shallow sensory nerve accessed in the upper calf, which was discovered and patented as a therapeutic target at the University of Toronto by EBT Medical co-founder Professor Paul Yoo. NinaMED holds an exclusive global license from Toronto-based EBT Medical. The wearable design enables at-home treatment sessions, and the device has been studied in multiple feasibility studies in the U.S. and Canada.
The funding will accelerate clinical development in Australia, support an Investigational Device Exemption application, and build out the company’s operations. NinaMED’s board is chaired by Ian Meredith, the former EVP and global chief medical officer at Boston Scientific.
“I am excited by the strength and simplicity of the NiNA System technology, the significant unmet need in pelvic health disorders, and the opportunity to be appointed Chair of NinaMED at such an important stage in its development,” said Meredith.
