London-based bioelectronics firm NuroKor has announced it’s opening a new UK R&D centre in Cardiff, and will also attempt to move into the American biotech market by partnering with US medical device company Medi-Launch.
These developments follow the news that six-month sales of NuroKor’s technologies – which use low-level electrical stimulation to help people manage pain and optimise physical performance – rose by 156% through the middle of last year.
NuroKor’s new R&D facility, located in the Tramshed Tech hub in South Wales, will see the company’s workforce double in size as it attempts to advance its clinical programme and forge closer relationships with key partners in academia, and the NHS.
Rick Rowan, CEO and founder of NuroKor, said: “It’s been an exceptional 12 months for NuroKor, and we have some huge developments in the pipeline.
“Our new research and development centre in Cardiff will play a pivotal role in our expansion over the coming year.
“Being part of the Tramshed Tech hub is incredibly exciting – it’s a hotbed for innovation and creativity and we’ll be surrounded by several other high-growth and ambitious tech start-ups.
“There’s also a huge amount of talent in Cardiff, so we look forward to welcoming a number of new team members in a range of roles to support our research and development programme.”
Alongside opening this new R&D facility, NuroKor will begin selling its technologies to manage chronic pain and support recovery in the US in 2021 via a five-year partnership with New York-based medical device distributor Medi-Launch.
While NuroKor already distributes its wearable bioelectronics to eight countries worldwide, this latest expansion will see it attempt to capitalise on the “thriving” global bioelectronic market – which is set to be worth $25bn by 2023, according to American market researcher Global Market Insights.
A closer look at NuroKor and how it uses bioelectronics
UK-based healthtech start-up NuroKor was founded by Rowan in 2018 to develop therapeutic solutions using bioelectronic technologies.
Its key products include the mibody device – an ultra-portable body therapy system that combines peripheral nerve stimulation (PNS) and neuromuscular stimulation (NMS) to help its users with pain management, and recovery.
NuroKor’s other major offering right now is the mitouch Complete Body Therapy System, which includes touchscreen modality, five different modes – including performance improvement, as well as pain management and recovery – and three proven bioelectrical technologies in PNS, NMS and low-level, alternating microcurrents.
As part of its expansion into the US, NuroKor will also be releasing a new product called mediliev Rx through both over-the-counter and prescription avenues.
Dr Ashish Shetty, chief medical officer for pain and neuromodulation at NuroKor, said: “As people’s attitudes and expectations towards receiving healthcare treatments continue to change in line with the ramifications of Covid-19, remote monitoring and interventional solutions, like the NuroKor devices, are becoming increasingly important.
“Our technology allows patients to manage their chronic and acute pain without the direct involvement of medical professionals – meaning patients can benefit from greater treatment control, and our NHS can focus on more urgent and pressing matters.”
