The new funds will be used by 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 USA.
Founded in 2016, Theranica, a biomedical technology company focused on developing advanced electroceuticals for migraine and other prevalent diseases, yesterday announced the closing of its round B of financing, of $35M, led by aMoon, Israel's largest healthcare VC. All existing investors of the company – Lightspeed Venture Partners, LionBird, Corundum Open Innovation and Takoa – participated in the round.
The company’s remote neuromodulation device for acute treatment of migraine, called Nerivio Migra® is currently under review of the FDA. In October 2018, Theranica completed a pivotal study with the device, the largest-ever clinical study conducted with a migraine device to support FDA clearance, spanning 12 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.
Several digital health companies have begun looking to make products targeted at people with migraines. US-based Thirty Madison landed $15.25M in Series A funding last October to launch Cove, a platform that will cater to patients with migraines. The platform will offer users virtual consultations with doctors, track their migraine incidents and users will get treatment through the mail.
Healint, a headache-focused digital health startup, teamed up with Novartis on a study that would look at how migraines interact with anxiety and depression.
"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 USA," said Alon Ironi, CEO and co-founder of Theranica in a statement.
"We chose to start with the USA 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," Ironi explained.