Israel Startup Theranica Raises $35M in Series B
Theranica, an Israeli biomedical technology company , a biomedical technology company focused on developing advanced electroceuticals for migraine and other prevalent diseases, yesterday announced the closing of its round B of financing, of $35M, led by aMoon, Israel’s largest healthcare VC. All existing investors of the company – Lightspeed Venture Partners, LionBird, Corundum Open Innovation and Takoa – participated in the round.
Theranica said March 18 that it raised $35 million in a Series B round led by aMoon. All existing investors of the company – Lightspeed Venture Partners, LionBird, Corundum Open Innovation and Takoa – participated in the round. Theranica is a bio-medical technology company developing advanced electroceuticals for migraine and other prevalent diseases.
Founded in 2016, Theranica, previously raised $6 million in a Series A funding round led by Lightspeed Venture Partners. Other investors included LionBird and Corundum Open Innovation.
Theranica focuses on developing electronic and wireless communication technology which, when used alongside neurological advancements, creates an alternative to biochemical treatments. This drug-free solution has been coined “electroceuticals”, and Theranica says they plan to use this technology to ameliorate medical conditions.
The company intends to use the funds raised during this round to move past the regulatory stage and mass produce their first product, which will be used for the acute treatment of migraines. Theranica says they hope to tailor their wearable technology to other medical conditions as well.
The new funds will be used by 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.
The company’s remote neuromodulation device for acute treatment of migraine, called Nerivio Migra® is currently under review of the FDA. In October 2018, Theranica completed a pivotal study with the device, the largest-ever clinical study conducted with a migraine device to support FDA clearance, spanning 12 clinical sites in the US and Israel, with almost 300 migraine patients. The study met its primary endpoint with high statistical significance, and demonstrated high efficacy, safety and tolerability.