Galvani Bioelectronics Files Prospectus for Groundbreaking Bioelectronic Medicine IPO

According to Reuters, GlaxoSmithKline (GSK), the world’s third-largest pharmaceutical company, announced on the 1st that it has reached an agreement with Verily Life Sciences, a subsidiary of Alphabet (Google’s parent company), to jointly establish a new venture named Galvani Bioelectronics. The new company will primarily focus on the research and development of bioelectronic medical technologies, with plans to develop the world’s first “electroceutical” capable of modulating nerves by stimulating electrical signals in the human body within the next seven years.

According to reports, this agreement will see Verily Life Sciences, a subsidiary of Alphabet, and GlaxoSmithKline (GSK) jointly invest £540 million (approximately $715.12 million) into the newly established bioelectronics company over the next seven years. The company’s headquarters will be located at GSK’s Stevenage Research Centre in North London, with a second R&D center to be set up in South San Francisco, United States. Regarding equity ownership, GSK will hold a 55% stake, while Verily Life Sciences will hold the remaining 45%.

Bioelectronic medicine refers to a new medical field that combats chronic diseases by using miniature implantable devices to modulate the electronic signals flowing through the body’s nerves. Researchers at GlaxoSmithKline (GSK) believe that conditions such as arthritis, diabetes, and asthma can be treated with these devices. GSK first announced its plans to develop bioelectronic medicine three years ago, asserting that its technology, which treats diseases through electrical impulses rather than traditional chemical or protein-based approaches, is ahead of its competitors.

As for Verily Life Sciences, it leverages technology to develop hardware and software for medical applications, making it one of Alphabet’s most significant new business ventures. Three years ago, Verily Life Sciences developed a cancer treatment device. Patients simply swallow a pill containing magnetic nanoparticles; once inside the body, these particles bind to tumor cells in the bloodstream and emit light. A companion magnetic wristband then concentrates these particles, ultimately achieving the goal of cancer treatment. Currently, Verily Life Sciences collaborates extensively with traditional pharmaceutical companies. For example, it is working with Novartis to develop smart contact lenses capable of measuring blood glucose levels, and in December 2015, it formed a joint venture with Johnson & Johnson (J&J) to establish a robotic surgery company.

It is understood that the new company was named Galvani to honor Luigi Aloisio Galvani, an Italian bioelectronic scientist. The company expects to recruit 30 engineers or physicians by the end of 2016, after which it will officially commence operations.

Source: Reuters