Theranica is an Israel-based prescription digital therapeutic company that develops an app and wearable device for chronic pain management using electrical nerve stimulation. Its flagship product, Nerivio, is the first FDA-approved, app-based, prescribed wearable device for acute migraines, episodic and chronic migraines, and expanded treatment to adolescents. The company claims seven out of ten people who used the device were effectively relieved of migraine pain.
Nerivio utilizes remote electrical neuromodulation (REN) technology to activate conditioned pain modulation (CPM), a natural pain-relieving process in the brain. Worn on the upper arm, Nerivio stimulates small nerves through REM to release pain-inhibiting neurotransmitters to the brainstems. In addition, the Nerivio app acts as a disease management tool, including a daily headache diary, where users can input daily symptoms and share with healthcare providers.
Key customers and partnerships
The company operates through a B2B2C business model, and the company’s product was available through licensed healthcare providers (ProCare Pharmacy), including telehealth platforms such as Cove and UpScript. As of February 2024, Nerivio has been used in over 650,000 migraine treatments in the US.
In January 2023, the company entered into a licensing agreement with Dr. Reddy's Laboratories to commercialize Nerivio in India.
Funding and financials
The company raised USD 45 million in August 2022 in a Series C funding round led by New Rhein Healthcare Investors. The new funds were allocated toward expanding its presence in the US.
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