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.
NeuroPace Inc. manufactures and markets the RNS System, an implantable neurostimulation device designed to treat drug-resistant focal epilepsy. The development and regulatory approval of this medical device required extensive animal testing. The FDA's premarket approval (PMA) process for implantable neurostimulators, including the NeuroPace RNS System, mandates preclinical safety and efficacy data derived from animal studies. The company's 2013 PMA submission to the FDA Division of Dockets Management included long-term safety and effectiveness objectives supported by such research. While medical device testing on animals is a regulatory requirement, it constitutes commercial exploitation of animals as defined by the firm's ethical screening criteria. The company's operations are fundamentally dependent on this activity for product development and continued market access.
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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.