ShiraTronics, a Minneapolis, MN-based clinical-stage medical device company, raised $66M in Series B funding.
The round was led by 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.
The company intends to use the funds to support its recently launched U.S. Food and Drug Administration (FDA)-approved pivotal trial, the RELIEV-CM2 Clinical Study, a multi-center, blinded, randomized, sham-controlled clinical trial. The financing also will support the company as it seeks premarket approval from the FDA and fund the initial commercial launch of its innovative therapy for chronic migraine patients.
Led by CEO Rob Binney, ShiraTronics is a medical device company dedicated to developing neurostimulation solutions aimed at improving the quality of life for patients living with chronic migraine. Its migraine therapy system demonstrated encouraging reductions in headache days and decreased severity of migraine attacks, as well as improvement in quality-of-life scores in its first-in-human pilot study.
ShiraTronics received Breakthrough Device designation from the Center of Devices and Radiological Health (CDRH) division of the FDA in 2021. In a recent pilot study, the ShiraTronics Migraine Therapy System demonstrated improvement in quality-of-life scores, substantial reductions in headache days per month and decreased severity of migraine attacks.
The next trial is designed to evaluate the safety and effectiveness of the company’s Migraine Therapy System in patients who have failed current medical therapies and have treatment-resistant chronic migraine.
FinSMEs
09/10/2024