advises pioneering spin-out in the acquisition of significant further funding
Summary
It combines Cognitive Behavioural Therapy (CBT) with Virtual Reality (VR) technologies to treat anxiety disorders.XR Therapeutics uses VR technology to create immersive digital scenes that are tailored to suit the needs of the patient, providing graded exposure to support the person to overcome their anxiety. A therapist, who is always on-hand during sessions, is in full control of the scenes and can adjust elements of the patients surroundings at any time, offering a fully bespoke experience.Billy Webber, CEO at XR Therapeutics, said: Anxiety conditions can be debilitating and significantly impact peoples quality of life. This funding from Northstar Ventures and angel investors is a massive boost to our growth, enabling us to invest in our technologies, develop our business strategies and hire more staff all with the goal of helping even more people change their lives for the better.Naomi Allen Seales, Investment Manager at Northstar Ventures, said: We are delighted to have provided follow-on funding into XR Therapeutics. We are impressed with how the technology and collaborations have developed over the period since our initial investment and are excited to see the company scale further and impact more people with anxiety.XR Therapeutics is part of a wider success story for Newcastle Universitys spin-out division, which saw a record \xa340m from investors split across 16 spin-outs in 2023.Sara Worsick, associate in Muckles corporate team, provided legal support to XR Therapeutics. Sara said: We are delighted to have once again supported XR Therapeutics in achieving this substantial funding.