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Migraine therapeutic startup Theranica raises $45 million in funding

The startup plans to use the fresh funds to expand its presence in the U.S.

by Babu Patil
Migraine therapeutic startup Theranica raises $45 million in funding

Theranica, an Israel-based prescription digital therapeutics startup focused on migraine care, raised $45 million in Series C funding. 

The startup plans to extend its Series C financing round, with a final close in October this year. 

New Rhein Healthcare Investors, a Philadelphia-based healthcare venture capital firm, led the round with participation from aMoon, Lightspeed Venture Partners, LionBird, Takoa Invest, and Corundum Open Innovation.

The startup previously secured a $35 million Series B round in 2019 and a $6 million Series A in 2017. 

According to National Headache Foundation, approximately 40 million Americans with migraines are unsatisfied with their current treatments. Theranica plans to tap this underserved area with new funds. The startup plans to use the new capital proceeds to accelerate its commercial activity in the U.S.

Founded in 2016, Theranica has developed a wearable device (Nerivio) for treating episodic and chronic migraine in people aged 12 and older. Nerivio is an FDA-cleared smartphone-connected, drug-free device – worn on the upper arm to reduce migraine headaches and associated symptoms. 

Alon Ironi, CEO of Theranica, said: “Over the last couple of years, we have verified the three fundamental conditions of a successful new prescribed therapy in the U.S.: healthcare providers have confidence in prescribing our Nerivio for treating migraine, patients get significant clinical benefit from using it, and Payors realize the importance of providing their insured members with access to this therapy. With this triad demonstrated, we needed the appropriate funding to unleash the huge potential of Nerivio in the U.S.”......