• Prescription digital therapeutic (PDT) company Theranica has raised USD 45 million in a Series C funding round led by New Rhein Healthcare Investors with the participation of several other venture firms. This brings the total funds raised to USD 86 million. The firm is expecting to raise additional funding and has extended its Series C round to October 2022. 

• The new funds will be used towards expanding its presence in the US. The company’s products are currently available through any licensed healthcare provider including telehealth platforms such as Cove and UpScript.

• Israel-based Theranica is a digital health tech company that develops an app and wearable devices for chronic pain management. Its flagship device is Nerivio, an FDA-approved wearable device used for the drug-free treatment of episodic or chronic migraines for adults and patients above 12 years of age.

<ul><li> Analyst QuickTake: Nerivio received FDA approval for treating acute migraines in May 2019 and in January 2021 the firm obtained FDA clearance to market its product as a treatment for episodic or chronic migraines while also expanding treatment to adolescents. There are three other FDA-cleared consumer medical devices available in the US that use neuromodulation or electrical nerve stimulation for treating migraines: Cefaly , gammaCore from electroCore , and Relivion MG from NeuroLief . Its closest competitor, gammaCore, is the only other device approved for adolescents.</ul>