Israeli bio-medical tech company Theranica announced the closure this week of a $35 million Series B funding round led by aMoon, Israel’s largest healthcare VC. Existing investors Lightspeed Venture Partners, LionBird, Corundum Open Innovation, and Takoa also participated in the round.
Founded in 2016, Theranica developed a wearable device for treating migraines called Nerivio Migra, currently under FDA review. The patch provides migraine treatment through neuromodulation therapy, altering nerve activity through targeted delivery of a stimulus. The treatment provides “a personalized pain-relief program,” according to the company.
Theranica is also working on wearables for other applications.
Alon Ironi, CEO and co-founder of Theranica, said in a statement that 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 US,” the largest single market for migraine and headache.
Ironi added that the company was “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 also plans to use the funds for further development of the wearables for additional clinical syndromes.
“Theranica’s vision and current stage align well with the investment strategy of our late-stage fund,” said Todd Sone, a partner at aMoon. “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,” said Dr. Shimon Eckhouse, Theranica’s co-founder and chairman of the board.
aMoon recently raised over $600 million for its digital health fund aMoon II.