Paragit Neurotech Company Profile

Background

Paragit Neurotech, founded in 2018 and headquartered in Frederiksberg, Denmark, specializes in developing innovative healthcare tracking devices aimed at monitoring and managing neurological movement disorders, with a primary focus on Parkinson's disease. The company's mission is to enhance patient care through advanced, non-invasive monitoring solutions that provide accurate, real-time data to healthcare providers.

Key Strategic Focus

Paragit Neurotech's strategic objectives include:

• Development of Non-Invasive Monitoring Devices: Creating wearable technologies that enable continuous monitoring of neurological symptoms in real-world settings.

• Integration of Artificial Intelligence: Utilizing AI to analyze collected data, offering insights into disease progression and treatment efficacy.

• Targeting Movement Disorders: Focusing on conditions such as Parkinson's disease, epilepsy, dystonia, and essential tremor.

• Collaboration with Healthcare Providers: Partnering with clinicians and researchers to ensure the practical applicability and effectiveness of their solutions.

Financials and Funding

Paragit Neurotech has secured approximately $1.25 million in funding through various channels, including:

• Accelerator and Incubator Programs: Participation in programs such as EIT Health, BioInnovation Institute, InnoFounder, DTU Skylab, and Blue Tulip Awards.

• Seed Rounds: Conducted in March 2021 and December 2022, aimed at advancing product development and expanding market reach.

Pipeline Development

The company's flagship product, the Paragit Sleeve, is designed to monitor and assess symptoms of movement disorders. Key developments include:

• Clinical Validation: Collaborating with leading clinical partners to test and validate the device's efficacy.

• Software Suites:

• PD Monitor: Developed for caregivers to implement data-driven disease management within Parkinson's disease.

• MD Lab: Designed for decentralized clinical trials across various movement disorders.

Technological Platform and Innovation

Paragit Neurotech's innovation is centered around:

• Paragit Sleeve: A patented surface electromyography (sEMG) system that collects high-resolution data on muscle activity, movement, and grip force during daily activities.

• NeuroMetric Pro Software: Provides analysis on over 20 metrics related to disease severity and treatment response, enabling researchers to track trends over time and compare across sites, patients, and investigators.

Leadership Team

• Mohammad Filfil: Co-Founder, Co-Chief Executive Officer, Chief Technology Officer, and Lead Designer.

• Mathias Stephensen: Co-Founder, Co-Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer.

Competitor Profile

Market Insights and Dynamics

The global non-invasive neurotech market was valued at approximately $3.2 billion in 2023, with projections to reach $7.8 billion by 2032, reflecting a CAGR of 10.8%. This growth is driven by the increasing prevalence of neurological disorders and the demand for advanced diagnostic and therapeutic tools.

Competitor Analysis

Key competitors in the neurotech space include:

• Organogenesis: A public company founded in 1985, operating in the pharmaceuticals and biotechnology sector with approximately 950 employees.

• MiMedx: Established in 2008, also in the pharmaceuticals and biotechnology space, with around 870 employees and significant revenue generation.

• Advancis Medical: Founded in 2004, focusing on pharmaceuticals and biotechnology, with a smaller team and revenue compared to the above competitors.

Strategic Collaborations and Partnerships

Paragit Neurotech has engaged in several strategic collaborations to bolster its market position:

• Clinical Partnerships: Working with leading clinical partners to test and validate their solutions.

• Accelerator Programs: Participation in programs such as EIT Health and BioInnovation Institute to gain mentorship, funding, and industry connections.

Operational Insights

Paragit Neurotech differentiates itself through:

• Focus on Non-Invasive Monitoring: Offering wearable solutions that provide continuous, real-world data without invasive procedures.

• AI-Driven Data Analysis: Utilizing artificial intelligence to interpret complex datasets, providing actionable insights for healthcare providers.

• Comprehensive Software Solutions: Developing software suites tailored for both clinical management and research applications.

Strategic Opportunities and Future Directions

Looking ahead, Paragit Neurotech aims to:

• Expand Product Offerings: Develop additional devices and software solutions for a broader range of movement disorders.

• Enhance AI Capabilities: Further integrate machine learning algorithms to improve data analysis and predictive modeling.

• Global Market Penetration: Increase presence in international markets through strategic partnerships and regulatory approvals.

Contact Information

• Website: www.paragit.com

• Headquarters: Grundtvigsvej 6a, 1864 Frederiksberg, Denmark

Note: For privacy reasons, specific contact details such as phone numbers and email addresses are not provided.