News Article

Magstim acquires high-density EEG tech from Philips
Date: Jul 08, 2020
Source: CrunchBase ( click here to go to the source)

Featured firm in this article: Electrical Geodesics Inc of Eugene, OR

Neuroscience researchers worldwide use EGI's Geodesic Sensor Net (GSN). [Image courtesy of Magstim]
Transcranial magnetic stimulation tech developer Magstim recently announced that it has purchased the product portfolio of Electrical Geodesics from Royal Philips (NYSE:PHG).

Financial terms of the deal were not disclosed.

Magstim will acquire EGI's hardware, software and sensor nets assets and will immediately manage global sales, service and support, maintaining a presence in EGI's Oregon office. The deal includes Philips supporting the transition through the end of 2020.

"This adds high-density EEG to our product portfolio supporting more than 1,200 research labs and clinics that focus on mental health, brain disorders and cognitive neuroscience," said Lothar Krinke, CEO for Magstim, which is based in Whitland, U.K., and has U.S. headquarters in Eden Prairie, Minn.

"Magstim has been pioneering and advancing transcranial magnetic stimulation for 30 years. High-density EEG closes the loop for the development of a comprehensive system for non-invasive neuromodulation. Magstim and EGI share a legacy and passion for innovation in neuroscience," Krinke said in a July 2 news release

EGI's proprietary dense array EEG technology gathers data from more electrodes than conventional EEG. Neuroscience researchers worldwide use EGI's Geodesic Sensor Net (GSN), which is touted for its ease of use, comfort and ability to produce high-resolution data.

"Merging TMS and EEG facilitates future innovations leading to personalized treatments based on biological markers," said Dr. Alvaro Pascual-Leone, professor of neurology at Harvard Medical School. "I am confident this will lead to better patient outcomes."

Telegraph Hill Partners, a San Francisco--based private equity company, provides financial backing for Magstim.