Israeli startup Theranica, maker of a migraine-stopping device, wins $45 million in investment

Israeli startup Theranica, a developer of a medical device to treat acute migraines, has raised a new $45 million investment for an ongoing Series C, which the company plans to close in the fall.

The investment was led by Philadelphia-based healthcare-focused venture capital firm New Rhein Healthcare Investors, with participation from existing investors aMoon, a leading Israeli health technology investment fund, Lightspeed Venture Partners, Tel Aviv-based LionBird, Finnish firm Takoa Invest and Corundum Open innovation.

The company said in a statement on Monday that due to strong interest from investors, it has extended the Series C round and plans to final close in October.

Theranica plans to use the funding to expand the company’s commercial operations in the US.

Founded in 2015, the Netanya-based firm developed Nerivio, an upper-arm device that uses smartphone-controlled electronic pulses known as remote electrical neuromodulation (REN) to wirelessly stimulate the body’s neural pathway early in migraine. The FDA-cleared device is available by prescription for adults and adolescents (over 12 years of age) in the US for the treatment of episodic and chronic migraines.

The device is also available in Israel, with a prescription.

Migraine is a common neurological disorder that affects about 10% of people worldwide. Available treatments include over-the-counter pain relievers such as acetaminophen and anti-nausea medications, triptan medications that cause blood vessels to constrict and cannot be used by people with a history of cardiovascular disease, and preventative medications such as beta- blockers.

In January, Theranica published promising results from a large-scale peer-reviewed analysis of more than 23,000 treatments using REN as a stand-alone drug-free migraine treatment. It showed that in 66.5% of treatments, REN was used alone for pain relief.

The analysis “confirms that REN provides a safe, efficacious and stable option for the treatment of acute migraine, both as a stand-alone and adjunctive therapy. It’s a very important component in the migraine treatment toolkit,” said Dr. Jessica Ailani, director of the MedStar Georgetown Headache Center and professor of clinical neurology in the Department of Neurology and lead author of the study.

The analysis is based on a previous clinical trial that also demonstrated strong efficacy.

Nerivio was also ranked in CB Insights’ 2020 Game Changers and was named to TIME Magazine’s “100 Best Inventions” in 2019.

Dr. Shimon Eckhaus, chairman and co-founder of Theranica, said the company was “encouraged by the incredible feedback we have received from the tens of thousands of patients already using Nerivio, and we are determined to make Nerivio a first-line therapy.” “

Eckhouse is a leading Israeli medical entrepreneur who has had a hand in founding about two dozen Israeli startups, including Syneron Medical, which focuses on cosmetic surgery procedures, medical laser company Lumenis, and Real View Imaging, a 3D holographic display and interface system developer .

Eckhaus said Theranica’s “excellent clinical data and positive feedback from both patients and providers, combined with our strong financial position, will allow us to bring our solutions to millions of patients in the U.S. and around the world,” noting that “more than half of the 40 million Americans who live with migraines are not satisfied with their current treatments,” according to a May 2021 study by the National Headache Foundation.

“Despite several decades of new drugs, millions of people still suffer from frequent, debilitating migraine headaches,” Theranica CEO Alon Ironi said in a company statement.

Ironi said that over the years the company has worked to ensure that patients receive significant clinical benefits from using Nerivio, that healthcare providers “have confidence” in prescribing Nerivio for migraine relief, and that insurance companies understand the importance of providing of access to Nerivio.

“With this demonstrated triad, we needed the right funding to unlock Nerivio’s huge potential in the US,” Ironi said.

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