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Foren Method seeks €2 million to finance its clinical trial

Foren Method, a Madrid-based startup, is looking for $2.25 million (€2 million) to carry out its clinical trial, for the new therapeutic tool the company developed. Foren Method is in contact with a pharmaceutical company to obtain financing. The startup will use the investment to conduct tests with patients in hospitals, expand the database and customize protocols.

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Foren Method develops a therapeutic tool to help people recover their mobility through virtual reality. The startup has had Sanitas as a shareholder since 2018 and has set itself the goal of landing in the United States within two years. 

The co-founder and CEO of Foren Method, Charo Ortín, explained that the company is in talks with a pharmaceutical company to secure the investment it needs to test its new tool, while also looking for sources of public funding. “The clinical trial will allow us to test the tool with more patients and improve it,” Ortín said. 

The startup has contact with up to eight private hospitals in Spain, France and Germany and the clinics of Sanitas to carry out the study. The company aims to carry out the trial to increase the database and design personalized protocols based on patient responses. The tool’s artificial intelligence will receive the information from each person and will be able to identify the most appropriate treatment according to their needs. Moreover, the company also aims to obtain the relevant regulatory approvals. 

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Foren Method seeks funding to carry out its clinical trial to increase the tool’s database and design personalized protocols 

Foren Method has had Sanitas as a strategic partner in the project since 2018, when the insurance company became a shareholder. Thanks to the agreement, the startup has been able to carry out sporadic collaborations with centers in Latin America. The company is also talking to researchers at hospitals in the UK and hopes to land in the US within two years. The co-founder and head of operations of Foren Method, Javier Navarro, assured that “since the agreement with Sanitas, we collaborate with a list of clients in the development of the product.” 

During this time, the start up has worked on verifying the impact of virtual reality on society and on improving its project. Foren Method develops a therapeutic tool to help people recover their mobility through virtual reality. The company has created a treatment that consists of using virtual reality glasses for viewing the exercises and an electro-stimulator equipment in the rehabilitation sessions of patients who suffer from immobility in some part of their body.  

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Sanitas is a strategic partner of Foren Method and collaborates with the start-up to improve its tool

The tool can be used in spinal cord injuries, post-surgical immobilism, multiple sclerosis, stroke and other neurodegenerative diseases. Ortín assures that “the imitative vision influences many areas of the brain that are centered and focused in the movement.” Patients see through the glasses the part of their body that is damaged in movement and the brain connects with the muscle to achieve greater activation. 

The CEO of Método Foren pointed out that there are studies that indicate that “if a person sees that they are making a movement, the nervous system puts all its energy and recovery can be faster.” Ortín started this project when he saw that medical assistance in rehabilitation was not in line with the possibilities offered by technology. Ortín hopes that, if the clinical trial is successful, he will be able to introduce his tool into the public health system as well. 

The manager of the project, Guillermo Pérez, indicated that during the confinement due to the health crisis they have worked “in the technological development and in the improvement of the videos.” Pérez commented that the company markets with private centers the so-called Foren Unit, composed of the software, virtual reality glasses, electromyograph and electro-stimulator equipment and a five-day intensive training course for professionals.  

Foren Method is holding talks with up to eight private hospitals to carry out the clinical trial 

Foren Method has recently obtained $45,000 (€40,000) from EIT Health, a program that promotes startups from the European Institute of Innovation and Technology. 

The founders explained that the initial investment of the project was made with their own resources and was “minimal”. Currently, the majority of shareholders are Ortín, Navarro, through the company The Vrain Project, and Sanitas. 

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Ortín has a degree in Occupational Therapy and a doctorate in Motor Neurocontrol, after studying a master’s degree in neurological pathology at the Universidad Rey Juan Carlos. She also has twelve years of experience in the field of rehabilitation. Navarro is involved in several projects and is the director of the communication agency DoubleYou. Pérez has a PhD in Artificial Intelligence from the Polytechnic University of Madrid.

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(Featured image by falco via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Desmond O’Flynn believes in minimalism and the power of beer. As a young reporter for some of the largest national publications, he has lived in the world of finance and investing for nearly three decades. He has since included world politics and the global economy in his portfolio. He also writes about entrepreneurs and small businesses, as well as innovation in fintech, gambling, and cannabis industries.