ShiraTronics, a medical device company developing neurostimulation therapies for chronic migraine patients, has closed a $66 million Series B financing round. The investment was led by Norwest Venture Partners, with participation from new investors Seroba, OSF Ventures, Global BioAccess Fund, and an undisclosed strategic investor. Returning investors U.S. Venture Partners, Amzak Health, Treo Ventures, and Aperture Venture Partners also contributed to the funding.
The capital will support ShiraTronics’ pivotal trial, the RELIEV-CM2 Clinical Study, recently approved by the U.S. Food and Drug Administration (FDA). This multi-center, randomized, sham-controlled trial aims to assess the safety and effectiveness of ShiraTronics’ Migraine Therapy System for chronic migraine patients who have not responded to existing treatments. The funds will also help the company secure FDA premarket approval and prepare for the initial commercial launch of its innovative therapy.
ShiraTronics CEO Rob Binney highlighted the urgent need for new migraine treatments, stating, “Our pilot study shows immense promise in reducing the severity, duration, and frequency of migraines in patients who suffer from chronic treatment-resistant migraine attacks.”
Migraine, a debilitating neurological disease, affects about 5 to 6 million people in the U.S. alone, with 3 million of them being resistant to existing therapies. Current treatment options often provide limited relief, leading to patient dissatisfaction and reliance on isolation as a last resort. ShiraTronics’ neuromodulation system offers new hope for these patients by targeting this unmet medical need.
Norwest Venture Partners’ general partner, Dr. Zack Scott, praised ShiraTronics’ technology and its potential to significantly improve patient outcomes, saying, “The company’s breakthrough system is purpose-built to tackle this debilitating condition, and we are excited to support their journey.”
The funding will drive further development and commercialization of ShiraTronics’ promising migraine therapy, offering renewed hope for millions of chronic migraine sufferers.
