Magstim Acquires Electrical Geodesics, Inc. (EGI) Product Portfolio
High-density EEG complements Magstim’s Transcranial Magnetic Stimulation Technology Driving Innovation
MINNEAPOLIS, Minn. & Carmarthenshire, UK — (July 2, 2020) – Magstim, the global leader in Transcranial Magnetic Stimulation (TMS), today announced an agreement to acquire the product portfolio of Electrical Geodesics, Inc. (EGI) from Royal Philips (NYSE:PHG; AEX: PHIA), a global leader in health technology. EGI designs non-invasive multimodal technologies to monitor brain activity and deliver transcranial electrical stimulation in brain research. Magstim will acquire EGI hardware, software and sensor nets assets and will immediately manage global sales, service and support. Philips will support 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, Group CEO for Magstim. “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.”
Electroencephalography (EEG) is used to evaluate the electrical activity in the brain. EGI’s proprietary dense array EEG technology gathers data from more electrodes than conventional EEG. EGI’s Geodesic Sensor Net (GSN) is used globally by neuroscience researchers because of 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, MD, PhD, Professor of Neurology at Harvard Medical School. “I am confident this will lead to better patient outcomes.”
Magstim will continue a presence in EGI’s Oregon office supported by Magstim’s global offices in the UK, Netherlands and Minneapolis. Magstim is backed by Telegraph Hill Partners, a San Francisco based private equity company. Magstim is also member of Medical Alley, the world’s leading health technology innovation cluster and home to the nation’s largest private health insurer and more than 1,000 healthcare companies, employing millions worldwide. Magstim’s sister brands include Neurosign and Technomed.
MAGSTIM is the pioneer of Transcranial Magnetic Stimulation. TMS is a research tool and an effective, non-invasive, outpatient therapy that is cleared by the FDA for major depressive disorder. For more information about this integration, visit www.MagstimEGI.com
For more information about Electrical Geodesics, visit www.egi.com
# # # #
Media Contact: Mark Sejvar, firstname.lastname@example.org, +1 323.363.3530