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ShiraTronics, Inc. Completes $3 Million Additional Series A Financing
MINNEAPOLIS, March 26, 2020 /PRNewswire/ -- ShiraTronics, Inc., a private medical device company, today announced it has completed an additional Series A financing of $3 million bringing the Series A financing to a total of $36 million. The financing was provided by Breakout Ventures (BOV). BOV joins previous Series A lead investors USVP, Amzak Health, and Strategic HealthCare Investment Partners (S.H.I.P), with participation from Aperture Ventures, LivaNova PLC, and a leading Academic Institution.
"Breakout Ventures backs bold companies bringing the strongest scientific insights to bear on important problems. ShiraTronics' approach builds on years of clinical evidence for the effectiveness of neuromodulation, when properly administered, in the treatment of chronic migraine. We believe the time is right to build a safe, convenient system dedicated to this purpose and that the team behind it has the experience needed to succeed," said Lindy Fishburne, Breakout Ventures' Managing Partner. "We are honored to join an investor syndicate with deep expertise in commercializing medical devices to further accelerate ShiraTronics' path to market, and ultimately to patients."
"We are thrilled to be partnered with such an experienced investor group led by USVP, Amzak, and S.H.I.P. This important financing from Breakout Ventures provides us additional resources needed to develop and advance a novel therapy for migraine headache in the clinic," said Lynn Elliott the President and Chief Executive Officer of ShiraTronics.
"Our therapy under development for migraine, a condition that disproportionately impacts women, has the potential to positively impact the lives of millions of patients worldwide. We warmly welcome the addition of Breakout Ventures to this world class consortium of investors to further develop this valuable therapy," said Mudit K. Jain, PhD, a co-founder and Chairman of the Board of ShiraTronics.
About ShiraTronics: www.shiratronics.com
ShiraTronics, Inc., Brooklyn Park, Minnesota, was created to be the world's leading provider of innovative therapy for migraine headaches. The company is focused on developing and clinically testing its neuromodulation technology. The company was spun off from NuXcel, an electrical medical device focused accelerator. The leadership team of ShiraTronics has overseen the development of active implantable devices and brought them to the market over last 30 years.
About NuXcel: www.nuxcel.com
NuXcel is a global medical device accelerator focused on developing innovative solutions to serve large unmet clinical needs. Backed by S.H.I.P., NuXcel was established in late 2018 with presence in Ireland and USA
SOURCE ShiraTronics, Inc.