GlaxoSmithKline launches bioelectronic medicine investment fund

GlaxoSmithKline has announced the launch of Action Potential Venture Capital, a new investment fund that will support advances in bioelectronic medicines and technologies.

The $50 million (32.31 million pounds) strategic venture capital fund will invest in companies developing innovative projects that can advance this field, with the first recipient to be the Californian company SetPoint Medical.

SetPoint is responsible for the creation of implantable devices to treat inflammatory diseases and will be the first in a planned portfolio of five to seven companies, which will be built up over the next five years.

The principle behind this field of research involves developing miniaturised devices or bioelectronic medicines to read patterns of electrical signals that pass along the nerves in the body.

Moncef Slaoui, chairman of research and development and architect of GlaxoSmithKline's early-stage investment strategy, said the company "can play the integrating role that is needed to drive this new type of medical treatment all the way from the bench to the patient, and this fund is a key part of our efforts".

This comes after the firm agreed a platform technology transfer and license agreement with Adimab last month.