Israeli migraine device treatment company Theranica today announced the first closing of $45 million in its Series C financing round led by New Rhein Healthcare Investors with wide participation of existing investors aMoon, Lightspeed Venture Partners, LionBird, Takoa Invest, and Corundum Open Innovation.
Due to high investor interest, the company has extended the financing round, planning a final closing in October. The company said that the new funds will be used for expanding the company's commercial activity in the US.
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 neuro-modulation therapy with modern wireless technology to develop proprietary electro-ceuticals that address prevalent medical conditions and diseases.
Ironi said, "In spite of several decades of new medications, millions of individuals still suffer from frequent debilitating migraine headaches. Over the last couple of years, we have verified the three fundamental conditions of a successful new prescribed therapy in the US: healthcare providers have confidence in prescribing our Nerivio for treating migraine, patients get significant clinical benefit from using it, and Payors realize the importance of providing their insured members with access to this therapy. With this triad demonstrated, we needed the appropriate funding to unleash the huge potential of Nerivio in the US"
Nerivio is an FDA-cleared, prescribed, smartphone-controlled, drug-free wearable device for the treatment of episodic and chronic migraine in people aged 12 and older. Worn on the upper arm at the onset of a migraine attack, Nerivio alleviates migraine headache and associated symptoms by utilizing remote electrical neuro-modulation to trigger an endogenous analgesic mechanism, known as conditioned pain modulation.
Multiple clinical trials, and several real-world evidence studies with thousands of patients, have shown Nerivio to be comparable to standard of care pharmacological options and able to be used as a standalone treatment or in combination with existing treatments. Eligible for insurance coverage and available to patients seeking cost-effective drug-free therapies for migraine, Nerivio can be prescribed by any certified healthcare provider in the US and is shipped to patients' homes through several specialty pharmacies.
Eckhouse said, "More than half of the 40 million Americans who live with migraines are unsatisfied with their current treatments. We are encouraged by the amazing feedback we have received from the tens of thousands of patients already using Nerivio and are determined to make Nerivio a first-line therapy."
He added, "Theranica's excellent clinical data and positive feedback from both patients and providers, combined with our strong financial position, will enable us to bring our solutions to millions of patients in the US and worldwide."
Published by Globes, Israel business news - en.globes.co.il - on August 29, 2022.
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