Salvia BioElectronics raises EUR 26M (USD 31M) to develop innovative neurostimulation therapy for chronic migraine
Series A led by new investors Panakès Partners, INKEF Capital and SHS Gesellschaft für Beteiligungsmanagement
Eindhoven, the Netherlands, September 22, 2020 – Salvia BioElectronics B.V., a neurostimulation platform company targeting chronic migraine, today announced it has raised EUR 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 total raised includes a EUR 5M 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 women¹. 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 five percent of patients suffer from chronic migraine, where they experience migraines for an average of 22 days per month².
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.
Commenting on the news, 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.
Diana Saraceni, Founder and Managing Partner at Panakès Partners, added: “Panakès is excited to be part of the Salvia BioElectronics journey which combines a seasoned team and a unique and promising proposition in the neuromodulation space. It is a great opportunity for Panakès to work with the team and build towards its continued success.”
Roel Bulthuis, Managing Partner at INKEF Capital, added: “Salvia BioElectronics represents a very compelling and differentiated approach within the neurostimulation field. Based on its novel technology, Salvia BioElectronics is uniquely positioned to translate a proven therapy to marketable products for migraine sufferers. We are very pleased to be working with this talented team to help transform their ideas into a successful international business.”
Sascha Alilovic, Managing Partner of SHS Gesellschaft für Beteiligungsmanagement, continued: “Having looked at a number of promising companies in the BeNeLux region, we are proud to add Salvia BioElectronics to our portfolio of innovative healthcare companies. Utilizing Salvia BioElectronics’ neuromodulatory device we hope to improve the situation of patients suffering from chronic migraine and at the same time have a positive impact on health economics.”
- Salvia BioElectronics
- Salvia BioElectronics