Syntropic Medical Secures €1.1M FFG Grant and Multi-Million Investment to Advance Light-Based Therapy for Depression
Klosterneuburg, Austria – July 22, 2024 – We at Syntropic Medical are excited to announce that we have secured a €1.1 million grant from the Österreichische Forschungsförderungsgesellschaft (Austrian Research Promotion Agency, FFG). Alongside this, we are proud to share that we have raised an additional 7-figure investment from xista science ventures and aws (Austria Wirtschaftsservice), the promotional bank of the Austrian federal government.
This funding marks a major step forward in our mission to transform the treatment of neuropsychiatric disorders. With it, we will further develop and validate our pioneering light-stimulation device, which offers a safe, non-invasive, and non-pharmaceutical option for patients living with depression.
Our Vision for Mental Health
Depression affects more than 90 million people in Europe alone, placing a huge burden on patients, families, and healthcare systems. Existing treatments, such as antidepressants, leave up to 70% of patients without remission, and as many as 25% stop treatment due to severe side effects.
We are committed to changing this. Our device—a goggle-like headset emitting high-frequency flickering light—is based on discoveries by Dr. Alessandro Venturino and Prof. Sandra Siegert at the Institute of Science and Technology Austria (ISTA). By stimulating microglial cells, our therapy promotes neuroplasticity, helping the brain build new connections and restore healthy function.
“Approximately 70% of patients taking pharmaceutical antidepressants do not achieve remission. It is therefore crucial that we develop entirely new ways to treat these disorders,” explains Mark Caffrey, CEO of Syntropic Medical. “The discoveries of Dr. Venturino and Prof. Siegert are so exciting because they open the potential for a treatment that is free of side effects, non-invasive, and easy for patients to use.”
What This Funding Means
With the support of FFG, xista science ventures, and aws, we will:
- Demonstrate the safety of our light-based therapy
- Advance our understanding of brain mechanisms involved in treatment
- Prototype and validate our device for future clinical use
This is a pivotal moment for us as we work to deliver a new generation of mental health treatments that are accessible, effective, and side-effect free.
About Syntropic Medical
We are a pre-clinical stage MedTech company spun out of the Institute of Science and Technology Austria (ISTA) by Mark Caffrey, Jack O’Keeffe, Dr. Alessandro Venturino, and Prof. Sandra Siegert. At Syntropic, we are pioneering novel light-based technologies that enhance the brain’s neuroplasticity, offering new solutions for psychiatric disorders and cognitive health.
About FFG
The Österreichische Forschungsförderungsgesellschaft (FFG) is Austria’s national funding agency for industrial research and development, enabling high-risk, innovative projects across science and business.