Medical technology firm Otolith Labs has raised $20m in a Series A financing round to support its ongoing clinical programmes, anticipated approval from the US Food and Drug Administration (FDA), and first commercial launch of its prescription wearable device to treat chronic vertigo.
Led by Morningside Ventures, the funding builds upon previous investments from eminent ENT physicians as well as businessman Mark Cuban.
The device uses non-invasive vestibular system masking (nVSM) technology to offer immediate symptom relief for chronic vertigo.
The technology applies localised mechanical stimulation to the vestibular system through calibrated vibrations.
Last year, the wearable device received Breakthrough Device Designation from the FDA.
Otolith Labs plans to start enrolment of participants for its pivotal study to further assess nVSM’s effectiveness for treating chronic vertigo soon.
nVSM demonstrated an immediate and robust therapeutic benefit compared to placebo in Otolith Labs’ pilot studies, which were conducted with about 100 participants.
Participants in the active group were more than three times as likely to report improved symptoms compared to those in the placebo group.
Otolith Labs CEO and founder Sam Owen said: “The closing of our Series A financing led by the expert team of investors at Morningside and the continued support of our existing investors underscores the growing momentum for the first wearable solution for a debilitating problem that adversely affects millions of Americans.
“The responders in our pilot studies reported instantaneous relief from their vertigo symptoms.
“The data from those studies support our plan to release our nVSM technology as an effective and well-tolerated therapy for chronic vertigo.”