Israeli migraine device co Theranica raises $35m

Shimon Eckhouse

Nerivio Migra, the Netanya-based company's novel remote neuromodulation device for acute treatment of migraine, is under review by the FDA.

Israeli migraine device treatment company Theranica has announced the closing of its $35 million Series B financing round led by aMoon and with the participation of previous investors Lightspeed Venture Partners, LionBird, Corundum Open Innovation and Takoa.

The Netanya-based company was founded in 2016 by CEO Alon Ironi, Ronen Jashek, Slava Barabash and chairman Dr. Shimon Eckhouse, with the vision of combining advanced neuromodulation therapy with modern wireless technology to develop proprietary electroceuticals that address prevalent medical conditions and diseases. The company raised $6 million in 2017.

Nerivio Migra, the company's novel remote neuromodulation device for acute treatment of migraine, is under review by the FDA. In October 2018, the company completed a pivotal study with the device, the largest-ever clinical study conducted with a migraine device to support FDA clearance, encmpassing12 clinical sites in the US and Israel, with almost 300 migraine patients. The study met its primary endpoint with high statistical significance, and demonstrated high efficacy, safety and tolerability.

Ironi said, "The new funds will allow the company to mass-produce the Nerivio Migra, and - once cleared by the FDA to deliver the device to millions of migraine patients in the US. They will also enable further development, targeting additional clinical syndromes. We chose to start with the US because this is the largest single market for migraine and headache, and because we were highly impressed by the readiness of the American medical community to apply drug-free, non-addictive solutions for headache and other types of pain."

"Theranica's vision and current stage align well with the investment strategy of our late stage fund," said Todd Sone, partner at aMoon. "Theranica's innovative migraine device combines excellent clinical efficacy, safety and tolerability, together with advanced digital technologies to maximize the benefit for patients."

"This new partnership with aMoon, together with the on-going support from our existing investors, gives Theranica the fuel to commercialize the product, bring it to the masses and ultimately improve migraine therapy worldwide, by turning this innovative, non-invasive, drug-free solution into the first line of treatment," said Dr. Eckhouse.

Published by Globes, Israel business news - en.globes.co.il - on March 18, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Shimon Eckhouse
Shimon Eckhouse
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