Along its journey to treat chronic migraine patients, ShiraTronics raised $5 million as an extension to its Series A funding.
The capital helps the Brooklyn Park-based startup as it embarks on its first in-human studies, which is currently underway in Australia and is expected to conclude late this year or early next year.
Once the study is complete, ShiraTronics will conduct its investigational device exemption trial, which is slated for some time next year. Another round of fundraising is expected at that time.
The company received breakthrough device designation in early 2021, which is supposed to expedite FDA approval processes.
The latest round of fundraising brings ShiraTronics to a total of $41 million raised. The firm had one of 2019's largest venture capital raises in a $33 million Series A round.
The technology is targeted for chronic migraine patients, which are people struggling with 15 or more headache days per month. “Really, really sick patients,” CEO Rob Binney said, noting that they struggle to maintain relationships and employment and face higher rates of mental illness. The majority of the patients are premenopausal women.
“Our mission, our focus is to find a way to bring an improved quality of life and improved outcomes to these these patients in the United States,” Binney said.
Of the 4 million to 7 million patients with the diagnosis, Binney said medical treatment has been ineffective on about 2 million to 4 million.
ShiraTronic’s device is subcutaneous, meaning it’s implanted under the skin, and it’s unique because it doesn’t have to breach the cranium to offer treatment. The neuromodulation therapy delivers small electrical pulses that apply stimulation to nerve pathways in the head.
After the trials are done and the team gets into planning for commercialization, Binney expects to add a full slate of infrastructure hires to support the growth.
