Dutch medical device start-up Salvia BioElectronics, which develops neurostimulation therapy for chronic migraine, has raised €26m in new financing from new and existing investors.
The Series A investment round was led by Panakès Partners, INKEF Capital and SHS Gesellschaft für Beteiligungsmanagement with participation from BOM Brabant Ventures, Thuja Capital and Dolby Family Ventures.
The round also received a €5m deferred risk-bearing Innovation Credit from the Netherlands Enterprise Agency.
As part of the financing, Panakès Partners founder and managing partner Diana Saraceni, INKEF Capital managing partner Roel Bulthuis and SHS Gesellschaft für Beteiligungsmanagement managing partner Sascha Alilovic will join Salvia’s board of directors.
The company will use the new investment to develop a new neuromodulation technology capable of addressing known neural targets in chronic migraine and to offer its therapy to migraine patients.
Salvia BioElectronics CEO Hubert Martens said: “We are building a team of highly talented people that are passionate to develop a therapy that can change the lives of people suffering from chronic migraine.
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“We are delighted to welcome our new investors, and I would like to thank our existing investors for their continued support. This strong syndicate of highly renowned medical technology investors validates our approach and the funding enables us to complete our therapy development towards market entry.”
Neurostimulation has been proven as an effective treatment in chronic migraine, but there are no approved implantable devices available today, the company noted.
Salvia specialises in developing bioelectronic foils that can be inserted under the skin in a minimally invasive procedure, while traditional neurostimulation systems are not designed to suit the anatomy of the head.
Migraine, which is estimated to affect one out of seven people, is mostly experienced by women and is considered to be the prime cause of disability in people under 50-years-old.
The condition, which can last up to a few days, is accompanied by throbbing, pulsating pain, nausea, vomiting and sensitivity to light. More than 5% of patients suffer from chronic migraine, where they experience migraines for an average of 22 days each month.