January 11, 2021
Noctrix Health, Inc. today announced it has completed a Series B financing of $17 million. The financing was co-led by Treo Ventures and OrbiMed, with participation from LivaNova PLC (NASDAQ: LIVN) and other insiders.
Noctrix Health is a pioneer in developing the next generation of wearable therapeutics that employ its neurostimulation platform to treat symptoms of chronic neurological conditions, with an initial focus on sleep disorders.
As part of this financing, Tracy Pappas (Treo Ventures) and Chau Khuong (OrbiMed) will be joining Shri Raghunathan, PhD, Mudit K. Jain, PhD, and Allan May on the Noctrix Health Board.
Noctrix Health was formed in 2018 with a mission to develop non-pharmaceutical treatments for Restless Legs Syndrome (RLS), after observing a large unmet need in this patient population as part of Stanford University’s Biodesign Program. RLS is the second largest sleep disorder in the world and impacts over 10% of the adult population in the US and is mainly treated using dopaminergic drugs.
Patients report painful sensations of tingling and an urge to move their feet which particularly worsens during evenings and nights. Supported by a meaningful body of clinical evidence, Noctrix Health is developing an innovative neuromodulation-based approach to treat Restless Legs Syndrome (RLS) and has obtained a “Breakthrough Device Designation” from the United States Food & Drug Administration (FDA) to expeditiously advance its therapy through clinical evaluation and subsequent commercial launch.
“Noctrix Health is leveraging significant clinical experience to accelerate the development of a novel therapy that may significantly impact the lives of millions of patients who suffer from RLS. We are very excited to be part of the company’s evolution and future growth,” said Tracy Pappas, Partner, Treo Ventures, and a newly appointed board member of Noctrix Health.
“OrbiMed has followed Noctrix and its developments for quite some time and we have been impressed with the technical progress to-date. I look forward to working with the Noctrix team to build a world class company with a highly effective and safe non-pharmacologic, non-invasive intervention for RLS patients in need,” said Chau Khuong, Partner, OrbiMed.
“We look forward to partnering with such an experienced investor group led by OrbiMed and Treo Ventures. This financing provides us the necessary resources to develop and advance this therapy that could benefit millions of patients that suffer from the debilitating nightly symptoms of RLS,” said Shri Raghunathan, PhD, Founder and Chief Executive Officer of Noctrix Health.