Israeli biomedical tech company Theranica, which develops advanced wearable devices that address prevalent medical conditions and diseases, was named as one of 36 game-changing companies in 2020 by New York-based research firm CB Insights. It was the only Israeli company on the list.
CB Insights said the selected firms, divided into 12 categories, were “high-momentum companies pioneering new ways to solve big problems.
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Founded in 2016, Theranica developed a migraine-zapping wearable device called Nerivio which received FDA approval to market earlier this year and was named among TIME magazine’s best inventions of 2019 (alongside eight other Israeli innovations.)
The device, worn on the upper arm, provides migraine treatment through neuromodulation therapy, altering nerve activity through targeted delivery of a stimulus. The treatment is like “a personalized pain-relief program,” according to the Netanya-based company. It is controlled via app and offers a migraine diary to track treatment sessions and migraine headaches which can be shared with healthcare professionals.
Nerivio is priced at $99 and is available in select headache and migraine clinics throughout the US.
“We are honored to be named among CB Insight’s list of companies that have potential to change the world,” said Alon Ironi, co-founder and CEO of Theranica, in a company statement. “Migraine is a debilitating disease that demands intervention. Theranica’s approach to acute treatment of migraine suggests a drug-free option as a first-line therapy.”
“Utilizing the brain’s native conditioned pain modulation response has been shown to offer an affordable, drug-free, non-invasive alternative to drug-based medications,” he added.
Theranica raised $35 million earlier this year in a Series B funding round led by aMoon, Israel’s largest healthcare VC.