Israeli startup secures $45 million to treat migraines

“In spite of several decades of new medications, millions of individuals still suffer from frequent debilitating migraine headaches,” said Alon Ironi, CEO of Theranica.

By Calcalist

Theranica, a prescribed digital therapeutics company developing advanced neuromodulation devices for migraine and other idiopathic pain conditions, announced on Monday the closing of its Series C funding round, with a first closing of $45 million.

Philadelphia-based New Rhein Healthcare Investors led the round, with wide participation of existing investors aMoon, Lightspeed Venture Partners, LionBird, Takoa Invest, and Corundum Open Innovation. The company said that due to high investor interest it has extended the financing round, planning a final closing in October. Proceeds of the new funds will focus on expanding the company’s commercial activity in the U.S.

“In spite of several decades of new medications, millions of individuals still suffer from frequent debilitating migraine headaches,” said Alon Ironi, CEO of Theranica.

“Over the last couple of years, we have verified the three fundamental conditions of a successful new prescribed therapy in the U.S.: 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 U.S.”

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. The device is worn on the upper arm at the onset of a migraine attack, Nerivio alleviates migraine headache and associated symptoms by utilizing remote electrical neuromodulation to trigger an endogenous analgesic mechanism, known as conditioned pain modulation.

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“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,” said Dr. Shimon Eckhouse, Chairman and Co-Founder of Theranica.