Salvia BioElectronics, a clinical-stage medical device company pioneering neuromodulation therapy for chronic migraine patients, reports that it has completed a $60 million (€53 million) Series B financing round. The round was led by Innovation Industries, a European deeptech venture capital firm, with the participation of Invest-NL and EIC Fund. Existing investors Inkef, Panakès Partners, SHS Capital, Dolby Family Ventures, BOM and Thuja Capital are also participating in the round.
The funds allow Salvia to complete clinical development and prepare for the commercial launch of MySalvia Therapy, currently being evaluated in the RECLAIM study, a multi-centre, double-blind, sham-controlled trial for people with chronic migraine. The funding also allows Salvia to focus on obtaining FDA marketing authorisation in the US and regulatory approvals in Europe and Australia.
Salvia is transforming migraine treatment with its proprietary neuromodulation technology, a customised and minimally invasive therapy designed for people with chronic migraine. Salvia’s ultra-thin implant targets the key nerves involved in migraine, with the aim of reducing the frequency and intensity of migraine attacks.
“With the support of this strong investor coalition, we are able to bring MySalvia therapy to patients in desperate need of new treatment options,” says Hubert Martens, founder and CEO of Salvia BioElectronics, in a note. “Chronic migraine is not ‘just a headache’. It is a debilitating neurological condition that forces people to abandon their social life, their work and the life they want to live. Our mission is to give them back their freedom. MySalvia therapy is designed to provide not only relief, but also a significant and lasting impact. We believe that people with migraine deserve the opportunity to reclaim their lives. With this funding, we are advancing towards regulatory approval and commercialisation, with the ultimate goal of reaching millions of people with chronic migraine”.
Migraine is a major cause of disability worldwide, with an estimated USD 110 billion per year in lost productivity and medical costs in the EU and US alone. Current treatment options do not always provide sufficient relief and most chronic patients discontinue medication within the first year. The majority of chronic patients discontinue drugs within the first year. This high drop-out rate highlights the urgent need for alternative therapies.
“Salvia BioElectronics is redefining the landscape of migraine therapies with a bold, patient-centric approach that combines cutting-edge neuromodulation with a sleek, minimally invasive design,” says Caaj Greebe, partner at Innovation Industries. “At Innovation Industries, we invest in innovative technologies that have the potential to solve the most pressing real-world challenges, and Salvia BioElectronics does exactly that: delivering life-changing solutions to millions of people with chronic migraine. We are excited to collaborate with the Salvia team during its clinical development to deliver a meaningful new therapy’.
Sage’s device, designated by the FDA as a breakthrough device, represents a promising new treatment option for patients who have not responded to available therapies. Early clinical data indicate a potential reduction in the frequency and intensity of migraine attacks when using the company’s neuromodulation technology. The RECLAIM study is currently underway in Europe and Australia, and further studies are planned in the US to evaluate the safety and efficacy of the therapy.
Salvia implantation is significantly less invasive than conventional technology, which reduces surgical complexity, patient recovery time and offers a visually discreet solution. MySalvia therapy is designed to give patients full control. The therapy uses two ultra-thin implants placed just under the skin of the forehead and nape of the neck. The Salvia approach is activated by the user and on demand. To activate the therapy, patients use an external wearable device and simply press a button to deliver targeted stimulation exactly when and where it is needed. The technology is also promising for the treatment of cluster headache, a severely painful neurological condition with few effective treatment options. (photo by Carolina Heza on Unsplash)
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