Israeli startup Theranica, the developer of a medical device for the treatment of acute migraines, has attracted a new investment of $45 million for an ongoing Series C round that the company plans to finalize in the fall.
The investment was led by Philadelphia-based health-focused VC firm New Rhein Healthcare Investors, with participation from existing investors aMoon, a leading Israeli health technology investment fund, Lightspeed Venture Partners, Tel Aviv-based LionBird, Finnish firm Takoa Invest and Corundum Open Innovation.
The company said in a statement on Monday that due to high interest from investors, it has extended the Series C round and is planning a final close in October.
Theranica plans to use the funds to expand the company’s commercial activity in the US.
Founded in 2015, the Netanya-based firm developed Nerivio, a device worn on the upper arm that uses smartphone-controlled electronic impulses, known as remote electrical neuromodulation (REN), to wirelessly stimulate the nervous system of the body at the onset of migraine. . The FDA-cleared device is available by prescription to adult and adolescent patients (over 12 years of age) in the US for the treatment of episodic and chronic migraine.
The device can also be purchased in Israel, with a prescription.
Migraine is a common neurological condition that affects about 10% of people worldwide. Available treatments include over-the-counter pain relievers such as acetaminophen and anti-nausea medications, triptan medications, which cause blood vessels to constrict and cannot be used by people with a history of cardiovascular disease, and preventive medications such as beta blockers. – blockers.
In January, Theranica published promising results from a large-scale, peer-reviewed analysis of over 23,000 treatments using REN as a stand-alone, drug-free migraine treatment. It showed that in 66.5% of treatments, REN was used by itself for pain relief.
The analysis “reinforces that REN provides a safe, effective and durable treatment option for the acute treatment of migraine, both as a stand-alone therapy and as an adjunctive therapy. This is a very important component in the migraine therapy toolbox,” said Dr.
The analysis is based on a previous clinical trial that also showed strong efficacy.
Nerivio was also listed in CB Insights’ 2020 Game Changers and was named to TIME Magazine’s “100 Best Inventions” in 2019.
Dr. Shimon Eckhouse, chairman and co-founder of Theranica, said the company is “encouraged by the amazing feedback we’ve received from the tens of thousands of patients who are already using Nerivio and are determined to make Nerivio a first-line therapy.” “
Eckhouse is a leading Israeli medical entrepreneur who had a hand in founding about two dozen Israeli startups, including Syneron Medical, which focuses on cosmetic surgery procedures, the medical laser company Lumenis, and Real View Imaging, the developer of a 3D holographic display and interface system.
Eckhouse said “Theranica’s excellent clinical data and positive feedback from patients and providers, combined with our strong financial position, will enable us to bring our solutions to millions of patients in the US and around the world,” noting It appears that “more than half of the 40 million Americans living with migraines are dissatisfied with their current treatments,” according to a May 2021 study by the National Headache Foundation.
“Despite decades of new drugs, millions of individuals still suffer from frequent, debilitating migraine headaches,” Theranica CEO Alon Ironi said in a company statement.
Ironi said that, over the years, the company has worked to ensure that patients receive significant clinical benefits from using Nerivio, that healthcare providers “have confidence” in prescribing Nerivio for migraine relief, and that insurance companies understand the importance of providing access to Nerivio.
“With this trio demonstrated, we needed the right funding to unlock the great potential of Nerivio in the US,” said Ironi.