Theranica Bio-Electronics said yesterday that it raised a $35 million Series B round for the Nerivio Migra neurostim patch it’s developing to treat migraine headache.
Netanya, Israel-based Theranica said VC shop aMoon led the round, joined by all of its existing backers, Lightspeed Venture Partners, LionBird, Corundum Open Innovation and Takoa. The company raised an unspecified amount in its seed round back in September 2016.
Theranica closed out a nearly 300-patient pivotal study last October it used to back a bid for FDA clearance that met its primary endpoint and showed “high efficacy, safety and tolerability.”
“The new funds will allow the company to mass-produce the Nerivio Migra and – once cleared by the FDA – to deliver the device to millions of migraine patients in the USA,” co-founder & CEO Alon Ironi said in prepared remarks. “They will also enable further development, targeting additional clinical syndromes. We chose to start with the USA because this is the largest single market for migraine and headache and because we were highly impressed by the readiness of the American medical community to apply drug-free, non-addictive solutions for headache and other types of pain.”
“Theranica’s vision and current stage align well with the investment strategy of our late stage fund,” added aMood partner Todd Sone. “Theranica’s innovative migraine device combines excellent clinical efficacy, safety and tolerability, together with advanced digital technologies to maximize the benefit for patients.”
“This new partnership with aMoon, together with the on-going support from our existing investors, gives Theranica the fuel to commercialize the product, bring it to the masses and ultimately improve migraine therapy worldwide, by turning this innovative, non-invasive, drug-free solution into the first line of treatment,” co-founder & chairman Dr. Shimon Eckhouse said.