ShiraTronics, a medical device company creating a therapy for migraine headaches, announced that it has secured $33 million after completing its Series A fundraising round.
The financing was co-led by Menlo Park, Calif.-based USVP, New York-based Amzak Health and Santa Clara, Calif.-based Strategic HealthCare Investment Partners. Aperature Ventures, Liva Nova PLC and an unnamed academic institution also participated.
As part of the deal, the following people will join ShiraTronic's board: Casey Tansey from USVP, Amzak's Joyce Erony and Brad Vale from SHIP.
Brooklyn Park-based ShiraTronics also said that Lynn Elliot has joined the company as president and CEO. The company said that Elliot has more than three decades of experience in the medical device field. Prior to joining ShiraTronics, he worked with large medical device companies like Guidant and Boston Scientific and startups such as Spinal Modulation.
"We look forward to partnering with such an experienced investor group led by USVP, Amzak and SHIP," Elliot said in a statement. "This financing provides us the necessary resources needed to develop an advance a novel therapy in the clinics."
ShiraTronics was formed earlier this year as the first spinoff of NuXcel, a medical device accelerator managed by Elliot and Mudit Jain. It is backed by SHIP.
"ShiraTronics is leveraging significant clinical experience to accelerate the development of a novel therapy that may significantly impact the lives of millions of patients who suffer from migraine headaches," Tansey said in a release. "We are very excited to be part of the company's evolution and future growth."
