Mayo Clinic is the sponsored research institution in the STTR grant.

NeuroSigma said the TFN-covered stent technology was developed at the University of California (UCLA) and in July 2011, the technology was licensed by UCLA to its subsidiary, NSVascular.

The NINDS STTR program may also provide follow-on Phase II fund of up to an additional $3m for additional clinical studies, if satisfactory progress is made using the first tranche.

NeuroSigma chairman Lodwrick Cook said: "We are very pleased to have received this important funding from the NIH and that very qualified and experienced teams at NeuroSigma and Mayo Clinic are working together on this project."