Fisher Wallace has raised millions via equity crowdfunding to redefine mental health treatment.
The CEO of Fisher Wallace Laboratories, a medical device startup that is disrupting the mental health industry with its FDA-Cleared wearable brain stimulation technology, envisions a near-future when drug therapy is the last resort for treating depression, anxiety, and insomnia. The company has raised millions on the equity crowdfunding platform StartEngine to compete with Big Pharma by selling an FDA-Cleared device that’s affordable out-of-pocket, causes almost no side effects, and has been shown to be effective in recent clinical trials.
“The most commonly prescribed antidepressants were developed in the 1980s, cause side effects more often than they produce symptom remission, cost a fortune when you include doctor visits, and need to pass through the digestive system before reaching the brain,” explains Kelly Roman, CEO of Fisher Wallace.
Fisher Wallace’s brain stimulation wearable delivers pulsed electrical currents to the brain that stimulate serotonin production and modulate brainwave activity. The company deployed more than $2 million raised via its StartEngine campaign to fund the three clinical trials conducted during the pandemic. The results were submitted to FDA on March 19, 2021, in pursuit of new FDA-Approval and re-Clearance for the treatment of MDD, GAD, and insomnia.
“The impact of the pandemic on mental health touched far more patients than the virus itself,” adds Roman, “The rates of depression and anxiety in US adults have more than tripled, according to the CDC”
Fisher Wallace’s Version 1 device has been purchased by more than 70,000 patients via 14,000 prescribers to date. The company is currently developing a Version 2 device that delivers the same clinical dosage but features much-improved industrial design and an app, with hardware-design being handled by Eric Fields, the award-winning designer of Beats and Nest products.
“Our device causes almost no side effects and costs much less than drug therapy or psychotherapy over the course of a year,” concludes Kelly Roman, “Pharmaceuticals for mental health had their time in the sun – it’s time for a better, less expensive hardware platform that fits seamlessly into daily life.”
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