ShiraTronics is a medical device development company that develops neurostimulation therapy for chronic migraine sufferers. The $66 million Series-B financing was announced today. Norwest Venture Partners led the round, which also included Seroba. OSF Ventures and Global BioAccess Fund. The round was also attended by returning investors U.S. Venture Partners Amzak Health Treo Ventures and Aperture Venture Partners. The latest funding round will support ShiraTronic’s pivotal U.S. Food and Drug Administration-approved trial RELIEV CM2, a multicenter, blinded, randomized, sham-controlled clinical study. This trial will evaluate the effectiveness and safety of ShiraTronics’ Migraine Therapy System on patients with chronic migraine who are resistant to current treatments and have not responded well to existing medical therapy. This funding will help the company obtain pre-market approval from the FDA and fund its initial commercial launch for patients with chronic migraines.
About 3 million Americans suffer chronic migraine attacks which are resistant to traditional therapies.”We conducted a pilot study on the ShiraTronics Migraine Therapy System, which shows great promise for improving the quality of life for migraine patients. We’re grateful for our investors’ support and committed to providing this innovative therapy to those in need.”
There are limited treatment options for chronic migraine sufferers.
The disease is neurological, and there is no cure. Around 2% of people in the world suffer from severe migraine headaches, which are accompanied by debilitating symptoms such as pulsating pains, nausea and sensitivity toward light and noise. Five to six million Americans suffer from chronic migraine. This condition is characterized by at least 15 headache days per month, with typical migraine symptoms on eight or more days. About 3 million of these chronic migraine sufferers are resistant to treatment. Existing therapy does not provide consistent, lasting relief for these patients. They are often left to turn to isolation and darkness as the best treatment.
Better treatment options are urgently needed. A recent National Headache Foundation study found that over 50% of chronic headache patients were dissatisfied with their treatment due to the lack of improvement in symptoms. About 75% of these migraine sufferers had stopped taking systemic medications or avoided them due to adverse effects. In addition, compared with placebo controls, approved medications have limited effectiveness and only reduce headache days on average by two per month.
Shira Tronics offers new hope for millions of chronic migraine sufferers who have been unable to find relief with existing treatments. “The company’s groundbreaking therapeutic neuromodulation systems are purpose-built for this debilitating disease,” said Zack Scott. Shira Tronics is a perfect fit with Norwest Venture Partners’ mission of partnering with medical device companies with a winning combination. This includes a team with impressive clinical and business experience and cutting-edge technology with the potential to reduce costs, improve outcomes, and dramatically enhance patient quality of life. “
ShiraTronics’ Pioneering Neuromodulation System
ShiraTronics’ drug-free Neuromodulation System addresses the crippling symptoms of chronic headaches, offering a new treatment option for those who have tried all other options. ShiraTronics Migraine Therapy System delivers tiny electrical pulses directly to the nerves that cause migraines. It is minimally invasive and can be implanted under the skin of your head. This therapy is designed to calm and interrupt pain signals within the brain, which could help relieve and prevent chronic migraine symptoms. The application allows patients to personalize and manage their treatment 24 hours a day.
Shiratronics was awarded the Breakthrough Device Designation by the FDA’s Center of Devices and Radiological Health division in 2021. ShiraTronics’ Migraine Treatment System was tested in a pilot study that showed significant reductions in headache days each month and decreased severity of migraines.
Shira Tronics, co-founded by Lynn Elliott and myself in 2007, is dedicated to developing neurostimulation products for chronic migraine patients. The company’s Migraine Therapy System showed promising results in a pilot study. ShiraTronics is currently enrolling participants in a pivotal study for FDA approval. Based in Minneapolis, the company is backed by Norwest Venture Partners, U.S. Venture Partners, Amzak Health, and others.
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