Washington, D.C.-based Otolith plans to use the proceeds to support its ongoing clinical programs, regulatory approvals and commercial launches. The funds build upon previous investments from entrepreneur Mark Cuban and ENT physicians.
The company develops a prescription wearable device for the treatment of chronic vertigo. It uses noninvasive vestibular system masking (nVSM) technology. The device picked up FDA breakthrough device designation last year.
Otolith Labs designed its nVSM technology to provide immediate symptom relief. It applies localized mechanical stimulation to the vestibular system through calibrated vibrations.
The company plans to begin enrolling patients in a pivotal study “soon,” according to a news release.
“The closing of our Series A financing led by the expert team of investors at Morningside and the continued support of our existing investors underscores the growing momentum for the first wearable solution for a debilitating problem that adversely affects millions of Americans,” said Sam Owen, CEO and founder of Otolith Labs. “The responders in our pilot studies reported instantaneous relief from their vertigo symptoms. The data from those studies support our plan to release our nVSM technology as an effective and well tolerated therapy for chronic vertigo. We founded the company to improve lives and with Morningside’s support, we are on the path to make this vision a reality.”
Otolith’s pilot studies of approximately 100 subjects demonstrated what it called “an immediate and robust” therapeutic benefit compared to placebo. Those in the active group were more than three times as likely to report improved symptoms than those in the placebo group, the company said.
“The team at Otolith Labs has developed a truly novel technology that could fundamentally change how chronic vertigo is treated today,” said Anthony Aiudi of Morningside Ventures. “Otolith Labs is leading the charge in developing a noninvasive and non-pharmacological therapy for those who have chronic vertigo, and we look forward to being a part of this incredible journey.”