Israeli startup Theranica, the developer of a health-related unit to address acute migraines, has pulled in a new investment of $45 million for an ongoing Sequence C spherical the business plans to finalize in the tumble.
The investment decision was led by Philadelphia-primarily based overall health-focused VC agency New Rhein Healthcare Investors, with participation from current buyers aMoon, a premier Israeli well being tech financial investment fund, Lightspeed Venture Partners, Tel Aviv-based LionBird, Finnish company Takoa Invest, and Corundum Open up Innovation.
The corporation explained in a statement Monday that because of to large fascination from traders, it has prolonged the Collection C spherical and is setting up a closing closing in October.
Theranica strategies to use the funding to extend the company’s professional activity in the US.
Started in 2015, the Netanya-based mostly agency designed the Nerivio, a product worn on the higher arm that employs smartphone-controlled digital pulses, recognized as distant electrical neuromodulation (REN), to wirelessly promote the body’s neural pathway at the onset of a migraine. The Food and drug administration-cleared product is offered by prescription to grownup and adolescent sufferers (over 12 decades of age) in the US for the treatment method of episodic and persistent migraines.
The gadget is also offered for purchase in Israel, with a prescription.
Migraine is a popular neurological problem that has an effect on an approximated 10% of folks around the globe. Offered therapies include things like more than-the-counter agony-relieving drugs this sort of as acetaminophen and anti-nausea medications, triptan medication, which induce blood vessel constriction and can’t be used by folks with a history of cardiovascular ailments, and preventative treatment this kind of as beta-blockers.
In January, Theranica released promising success of a substantial-scale, peer-reviewed evaluation of around 23,000 therapies utilizing REN as a standalone, drug-no cost cure of migraine. It showed that in 66.5% of therapies, REN was utilised by by itself for suffering reduction.
The examination “reinforces that REN gives a protected, efficacious and secure treatment alternative for acute cure of migraine, both of those as a standalone and as an adjunct therapy. This is a very crucial part in the migraine treatment toolbox,” reported Dr. Jessica Ailani, director of the MedStar Georgetown Headache Middle and professor of medical neurology in the Department of Neurology, and the direct author of the review.
The analysis builds on a prior medical demo that also shown solid efficacy.
The Nerivio was also ranked in CB Insights’ Video game Changers for 2020 and was named to TIME Magazine’s “100 best inventions” in 2019.
Dr. Shimon Eckhouse, chairman and co-founder of Theranica, explained that the organization has been “encouraged by the incredible feed-back we have acquired from the tens of countless numbers of individuals currently employing Nerivio and are established to make Nerivio a 1st-line treatment.”
Eckhouse is a primary Israeli health care entrepreneur who experienced a hand in founding some two dozen Israeli startups including Syneron Medical, which focuses on beauty surgical procedure techniques, clinical laser company Lumenis, and Authentic Check out Imaging, the developer of a 3D holographic display screen and interface process.
Eckhouse reported “Theranica’s outstanding clinical facts and optimistic comments from the two individuals and vendors, combined with our sturdy fiscal place, will allow us to bring our alternatives to thousands and thousands of patients in the US and all over the world,” noting that “more than fifty percent of the 40 million Americans who stay with migraines are unhappy with their present therapies,” according to a Might 2021 study by the National Headache Basis.
“In spite of many a long time of new medications, hundreds of thousands of persons nevertheless experience from regular debilitating migraine head aches,” reported Theranica CEO Alon Ironi in a company assertion.
Ironi stated that, more than the several years, the organization has labored on making sure that patients get substantial medical rewards from using the Nerivio, that health care providers “have confidence” in prescribing the Nerivio for migraine reduction, and the insurance corporations recognize the relevance of delivering access to Nerivio.
“With this triad demonstrated, we wanted the suitable funding to unleash the enormous probable of Nerivio in the US,” stated Ironi.