Electrocore said today it closed a $70 million Series B round of financing to support the commercial launch of its gammaCore therapy system into the primary headache market.
The round was led by investment group Core Ventures II and joined by Merck’s Global Health Innovation Fund, Knoll Capital Management affiliate Gakasa, American Investment Holdings and the Vinik Family Foundation.
Proceeds from the round are slated to be used for the commercial launch, as well as further studies, of its gammaCore device with a focus on the primary headache market. Funds will also support continued clinical and scientific development of its non-invasive vagus nerve stimulation therapy, the company said.
“The ongoing support from Core Ventures and Merck’s Global Health Innovation Fund shows continued confidence and enthusiasm for our mission to bring vagus nerve stimulation into the mainstream of medicine. The investments from Jeff Vinik’s and Knoll Capital’s groups are excellent confirmations that we have built a compelling platform for the future,” CEO Francis Amato said in a press release.
Electrocore said it has filed for a 510(k) label expansion for its gammaCore device for the acute treatment of migraines and will continue to partner with research organizations to study the use of its nVNS therapy in other indications.
“ElectroCore is leading the way for the future of medicine through the development of non-invasive, self-administered nVNS therapy. The field of neuromodulation is the next great market in healthcare, but until now it has been limited by the route of administration that has required surgery. We are thankful for the opportunity to continue supporting electroCore as it expands the applicability of nVNS to give patients access to this safe and effective treatment in a cost effective way that can so positively impact the healthcare system,” co-founder & chief science and strategy officer JP Errico said in a prepared statement.
Electrocore developed and produces the gammaCore non-invasive vagus nerve stimulator. The device won FDA approval in April and was launched in mid-July with indications for treating pain associated with episodic cluster headaches in adult patients.
In June, MassDevice.com spoke to ElectroCore CEO Amato about the gammaCore device and how the device differs from other VNS therapy systems