Biotech startup Theranica has found new backers to expand its development of a permanent and affordable treatment of acute migraines.
The Israeli-based biotech hub has another reason to rejoice: It successfully closed its $6 million Series A funding to move past the regulatory stage and begin mass production.
This round of funding was led by Lightspeed Venture Partners and the participation of other investors included LionBird and Corundum Open Innovation. Enthusiasm for this particular round of funding was enhanced by the promise of the Israeli team to “tailor their wearable technology to other medical conditions as well,” as they noted in a press release earlier this year.
The confidence invested in CEO Alon Ironi and his team comes after the American Academy of Neurology released a study that found wireless stimulation, like Theranica’s Nerivio offers, may ease migraine pain just as well as drugs do.
“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,” said Ironi according to Globes. “This is a major step in our regulatory pathway. In parallel to completing this study, we develop solutions for additional debilitating diseases.”
Theranica has combined neuromodulation therapy with wireless technology to develop wearable solutions that address various medical conditions and disease states. “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. Shimon Eckhouse, chairman and cofounder of Theranica.
Marco Islas for TechFunnel.com