Israeli startup Theranica, which is developing a digital device that treats acute migraines, has just raised a new $45 million investment in ongoing Series C funding that the company plans to close in the future.
This investment round was led by New Rhein Healthcare Investors, a Philadelphia-based venture capital firm focused on healthcare technologies, with participation from aMoon, an Israeli investment fund, Lightspeed Venture Partners, LionBird in Tel Aviv, a Finnish company Takoa Invest and Corundum Open Innovation.
The company said in a statement on Monday that, due to strong investor interest, it had decided to extend its Series C funding round until October.
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Theranica plans to use these funds to expand its business operations in the United States.
Founded in 2015, the Netanya-based start-up developed the Nerivio, a forearm-worn device that uses pulses controlled by a smartphone — a process called remote electrical neuromodulation (REN) — to wirelessly stimulate specific nerves in the human body at the onset of pregnancy. migraine. The FDA-approved device is currently available in the United States for adults and adolescents over twelve years of age, by prescription, for the treatment of headaches and migraines.
It is also presented for purchase within the Jewish state on prescription.
Migraine is a common neurological disorder believed to affect 10% of the world’s population. Among the treatments offered are pain reliever medications such as acetaminophen and anti-nausea, triptans — which cause blood vessel constriction and cannot be used by people with a history of cardiovascular disease — and preventative medications such as beta-blockers.
In January, Theranica released promising results from a large, peer-reviewed study that looked at more than 23,000 treatments using REN as a treatment for migraine without a drug combination. It showed that in 66.5% of treatments, REN was used alone to relieve pain.
An analysis that “reinforced the idea that REN represents a safe, effective and stable treatment option for the treatment of migraine, whether it occurs alone or in combination with another type of therapy. This makes it a very important tool in the treatment of migraine,” comments Jessica Ailani, MD, director of the MedStar Georgetown Migraine Center and professor of clinical neurology in its department of neurology, who was also the study’s lead author.
The analysis followed a clinical trial that also demonstrated the strong effectiveness of the process.
Nerivio was ranked in CB Insights’ Game Changers 2020 – where the US-based company identifies “high-growth companies that are creating new avenues to solve complex problems”.
Dr. Shimon Eckhouse, president and co-founder of Theranica, explained that the company “was encouraged by the great feedback we’ve received from the tens of thousands of patients who are already using Nerivio and we are determined to make Nerivio the first-line therapy.”
Eckhouse is one of the first Israeli companies in the medical sector that helped found about two dozen Israeli startups, including Syneron Medical, whose activities focus on cosmetic surgery procedures, Lumenis, which specializes in laser, and Real View Imaging, a developer of a holographic screen system and a 3D interface.
Eckhouse said, “Theranica’s excellent clinical data and positive feedback from patients and providers, combined with our strong financial position, will allow us to bring our solutions to millions of patients in the US and around the world.” of the 40 million Americans living with migraine are not satisfied with their current treatment,” echoing the percentages revealed in a May 2021 survey by the National Headache Foundation.
“Despite several decades of new drugs, millions of people still suffer from frequent and debilitating migraines,” commented Alon Ironi, CEO of Theranica, in a statement released by the start-up.
Ironi said that over the years the company has worked to ensure that patients can reap significant benefits from using Nerivio, that doctors “felt confident” when prescribing Nerivio to relieve migraines, adding that insurance companies understood. fully the importance of being able to open access to the device.
“Based on these elements, we needed the right funding to unlock Nerivio’s full potential in the United States,” said Ironi.