Israeli medical device company Theranica Bio-electronics has closed a Series A financing round of $6 million led by Lightspeed Venture Partners and with the participation of LionBird and Corundum Open Innovation.
The Netanya-based company is developing advanced electroceuticals for migraine and other common illnesses. The funds will be used mainly to complete the regulatory process of the company's first product, for acute treatment of migraine, and to bring the product to mass production.
The 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. Theranica deploys advanced electronics and wireless communication technologies, combined with recent advancements in the research of neurology, to develop a line of "electroceuticals" - drug-free solutions for a few medical conditions, starting with migraine.
Ironi said, "This investment finds the company in the midst of its pivotal clinical study, which is being conducted now in 8 hospitals and clinics in the USA and Israel. This is a major step in our regulatory pathway. In parallel to completing this study, we develop solutions for additional debilitating diseases".
"This new partnership with Lightspeed and the other investors will give Theranica the mass and muscle to address the huge potential of the rapidly increasing market for effective solutions for migraine", said Dr. Eckhouse,
"With more than 32 million Americans suffering from migraine, this is a problem yet to be solved", said Professor Stephen Silberstein, director of the Jefferson Headache Center in Philadelphia and former president of the American Headache Society, who serves on the company's medical advisory board. "Based on the promising clinical evidence produced so far by Theranica, as well as the simplicity of use and low cost of their innovative device, the company's solution has the potential to become the first line of acute treatment for migraine".
"We are witnessing tectonic changes in the perception and understanding of healthcare technology and services", said Yoni Cheifetz, a partner with Lightspeed. "Healthcare professionals and consumers worldwide realize the dangerous impacts of pain killer addiction. Theranica's product (still in investigational phase) brings a drug-free, risk-free solution for hundreds of millions of migraineurs worldwide, which may rid them from the need to consume conventional drug-based pain killers."
Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2017
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