ShiraTronics said yesterday that it completed a $33 million Series A financing round for the migraine headache neuromodulation treatment it’s developing and announced the appointment of Lynn Elliott as president & CEO.
Elliott is a three-decade veteran of the industry, having previously worked at Guidant, Boston Scientific and Spinal Modulation before assuming his new role with the Minneapolis-based spin-off of NuXcel, which was seeded earlier this year.
U.S. Venture Partners, Amzak Health and Strategic HealthCare Investment Partners co-led the funding, while Aperture Ventures, LivaNova and an unnamed academic institution participated as well.
Casey Tansey of U.S. Venture Partners, Joyce Erony of Amzak Health and Brad Vale of Strategic HealthCare Investment Partners are slated to join the ShiraTronics board, according to a news release.
“We look forward to partnering with such an experienced investor group led by USVP, Amzak, and S.H.I.P. This financing provides us the necessary resources needed to develop and advance a novel therapy in the clinics,” Elliott said in prepared remarks.
“We are absolutely thrilled to have the first spin-off from NuXcel off to a great start with a world-class syndicate of very seasoned medical device investors and are looking forward to working with them, the product development team, and the clinical community in further developing this impactful technology,” added ShiraTronics co-founder & chairman Mudit Jain.
“ShiraTronics is leveraging significant clinical experience to accelerate the development of a novel therapy that may significantly impact the lives of millions of patients who suffer from migraine headaches,” said Tansey. “We are very excited to be part of the company’s evolution and future growth.”