This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
electroCore, Inc. manufactures and markets gammaCore, a non-invasive vagus nerve stimulator. The device’s development and regulatory approval process relied on animal testing. The company’s own Form S-1 registration statement notes that in its research, “Animals treated with gammaCore were indistinguishable from a non-sensitized animal,” indicating the use of animal models to demonstrate efficacy.
The primary exclusionary evidence for animal exploitation in this case is not a direct record of cruelty but the company’s reliance on animal testing as a foundational component of its product development and clearance pathway. This places its commercial activity within the scope of the animal_exploitation category, which includes producing equipment whose development necessitates harming animals at scale.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.