ElectroCore raised $1.5 million in a new round of debt financing, according to an SEC filing posted today.
ElectroCore is developing a range of non-invasive vagus nerve stimulation for the treatment of a number of conditions in neurology, psychiatry, gastroenterology and other fields, according to the company’s website.
Initial focus for the company is a non-invasive, self-administered vagus nerve stimulation treatment for headaches. The nVNS procedure is designed to treat migraine and cluster headaches, and has CE Mark approval in the European Union.
Money in the round so far has come from a single anonymous investor, according to the SEC filing, with the company looking for an additional $6.5 million before the round closes.
The company has not yet stated how they plan to use funds raised in the round.
In July, Electrocore said it promoted its former chief operating officer Frank Amato to the position of chief executive officer, taking over for founder and board member JP Errico, who will transition to chief science and strategy officer.
The shifts are part of a management-proposed development plan designed to “position the company for its next phase of growth,” according to ElectroCore.