ShiraTronics Pockets $66M for Implantable Migraine Therapy

ShiraTronics, a company developing neurostimulation therapies for chronic migraine, has closed a $66 million Series B financing round.
 
This round was led by new investor Norwest Venture Partners, with participation from additional new investors Seroba, OSF Ventures, the Global BioAccess Fund, and an undisclosed strategic investor. Returning investors U.S. Venture Partners, Amzak Health, Treo Ventures and Aperture Venture Partners also participated.
 
ShiraTronics said the proceeds will support the company’s recently launched, U.S. Food and Drug Administration (FDA)-approved pivotal trial, the RELIEV-CM2 Clinical Study. The trial will assess the company’s Migraine Therapy System in patients who have failed current medical therapies and have treatment-resistant chronic migraine.
 
The system is a minimally invasive device implanted just beneath the skin in the head, where it delivers small electrical pulses to targeted nerves that are associated with migraine pain. The therapy seeks to interrupt and calm pain signals in the head to relieve and prevent chronic migraine symptoms. Therapy can be personalized and controlled using a dedicated app.
 
ShiraTronics earned FDA breakthrough status for the device in 2021. A recent pilot study, according to the company, showed improvements in quality-of-life scores, substantial redictions in headache days per month, and lowered severity of migraine attacks.
 
The financing will also support the company as it pursues FDA premarket approval and fund the initial commercial launch.
 
“Today, about 3 million patients in the U.S. suffer from chronic migraine attacks that are resistant to conventional therapies. Our recent pilot study, which evaluated the preliminary safety and efficacy of the ShiraTronics Migraine Therapy System, shows immense promise in improving patient quality of life and reducing the severity, duration and frequency of migraine headaches for these patients,” said ShiraTronics CEO Rob Binney. “We are deeply grateful for the support of our distinguished new and existing investors, and are laser-focused on delivering this breakthrough therapy to those in need.”