Salvia BioElectronics, a neurostimulation platform company targeting chronic migraine, has raised €26 million 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 total raised includes a €5 million deferred risk-bearing Innovation Credit from the Netherlands Enterprise Agency (RVO, part of the Dutch ministry of Economic Affairs and Climate Policy). Salvia BioElectronics will use the funds to develop a unique neuromodulation technology capable of addressing known neural targets in chronic migraine and provide its therapy to those suffering from debilitating headaches.
Migraine is the first cause of disability in under 50s, affecting one out of seven people, predominantly women. People with migraine experience episodes of throbbing, pulsating pain, sometimes accompanied by nausea, vomiting, and sensitivity to light, that can last anywhere from a few hours to a few days. More than 5% of patients suffer from chronic migraine, where they experience migraines for an average of 22 days per month.
Neurostimulation has been proven as an effective treatment in chronic migraine, but there are no approved implantable devices available today. While traditional neurostimulation systems are not designed to be compatible with the anatomy of the head, Salvia BioElectronics develops highly conforming bioelectronic foils that can be inserted below the skin in a minimally invasive procedure.
Hubert Martens, CEO of Salvia BioElectronics, 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. 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.”
In conjunction with the financing, Diana Saraceni, founder and managing partner at Panakès Partners, Roel Bulthuis, managing partner at INKEF Capital and Sascha Alilovic, managing partner of SHS Gesellschaft für Beteiligungsmanagement will join the Board of Directors.
