Secures KRW 1.5 billion in R&D funding, accelerating clinical trials and approval for depression electroceutical therapy
Healthcare startup Leesol, which operates an electroceutical platform for diagnosing and treating brain disorders, has been selected for the “Deep Tech TIPS (Tech Incubator Program for Startups)” by Korea’s Ministry of SMEs and Startups.
Deep Tech TIPS is part of the government’s “Super Gap Startup 1000+ Project,” an initiative designed to identify and nurture promising startups in ten key emerging industries.
Leesol was recommended by New Paradigm Investment, its Pre-Series A investor and an official TIPS program operator. Through this program, the company will secure approximately KRW 1.5 billion (up to KRW 1.7 billion) in research and development funding over the next three years.
Leesol was founded by core members of Medison, one of Korea’s first-generation medical device venture companies. The company previously introduced Sleepisol, a sleep management device that stimulates the brain using microcurrents to improve sleep quality and relieve stress, gaining positive market response.
Recently, Leesol launched Sleepisol Plus, which incorporates its patented CS-tACS (brainwave entrainment) technology. The technology analyzes brainwave patterns and delivers precise microcurrents to guide the brain into an optimal state for sleep, effectively enhancing brain activity.
Leesol was also selected for the 2023 Health and Medical Technology R&D Program organized by Korea’s Ministry of Health and Welfare under the Electroceutical Technology Development Project. The project, worth approximately KRW 1.1 billion, is being conducted in collaboration with Professor Inyoung Yoon’s team from the Department of Psychiatry at Seoul National University Bundang Hospital.
Through this three-year collaboration, the teams aim to conduct both exploratory and confirmatory clinical trials with the goal of obtaining regulatory approval for an electroceutical device designed to treat sleep disorders.
Seungwoo Lee, CEO of Leesol, commented:
“Current electroceutical treatments for depression typically apply fixed stimulation without differentiating between types of depression. Our goal is to provide personalized medical devices that improve treatment efficiency and enable continuous monitoring, diagnosis, and therapy.”
Leesol plans to use the newly secured funding to accelerate clinical trials and regulatory approval for its depression electroceutical therapy.
Electroceuticals are next-generation medical devices that treat diseases using physical stimulation such as electrical currents, magnetic fields, or ultrasound, rather than chemical compounds. Because they avoid many of the side effects associated with pharmaceuticals, they are increasingly recognized as a promising new treatment approach.
The official TIPS project is titled:
“Development of a Brainwave Entrainment Transcranial Alternating Current Stimulation Solution for Depression Treatment with Neurofeedback.”
As a company operating an electroceutical platform for brain disorder treatment, Leesol plans to expand its expertise and data from sleep disorder treatment into broader psychiatric conditions, accelerating the research and development of electroceutical therapies for depression.
Source: Chosun Biz
https://www.chosun.com/economy/startup_story/2023/09/18/3IKDEPFK6FHMVLGK3V3CQFPLRA/
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Dr. Seungwoo Lee, Co-Founder and CTO of Leesol: “Revolutionizing Sleep Through Science”