By Amy Chen

The CEO of a company that developed a device that promises to cure depression using magnetic brain stimulation is facing foreclosure actions on his West Vancouver home, which carries eight mortgages.

Jetmov filed a petition against Heather Nielsen and Iain Glass, the CEO of President of NeuHorizon Medical Corporation, seeking a declaration that a mortgage it holds on their property at 2271 Fulton Avenue is in default.

In the petition to the court, Jetmov names seven other mortgage holders on the property with an assessed value of $3.5 in bringing this action, including Canadian Western Trust Company, North Shore Credit Union, and Blueshore Financial Credit Union.

Nielsen and Glass have six months to pay Jetmov the $1.8 million they owe the lender, plus 14% interest compounded daily, according to the petition to the court.

Waterloo, Ontario-based NeuHorizon Medical has applied to patent a Repetitive transcranial magnetic stimulation (rTMS) device, which is claimed to be able to treat patients suffering from mood disorders such as depression, bipolar disorder, anxiety or mania .

According to Ontario’s Centre for Addiction and Mental Health, rTMS “involves a series of short magnetic pulses directed to the brain to stimulate nerve cells. The magnetic pulses stimulate area neurons and change the functioning of the brain circuits involved.”

According NeuHorizon’s patent, its “device and method provide efficient, comfortable and accurate positioning of a treatment device relative to a specific cranial anatomical location of a subject.”

We reached out to Glass for comment, but have yet to hear back from him.