The Dutch company developed a neurostimulation platform specialising in the treatment of chronic migraine and attracted the resources of Panakès Partners also which already invested in the firm in 2020.
Salvia BioElectronics, a Dutch scaleup that pioneers clinical-stage medical devices in neuromodulation therapy for chronic migraine patients, secured a 60 million US Dollars Series B round that attracted the resources of lead investor Innovation Industries, a European deeptech venture, Invest-NL, EIC Fund. The company’s previous investors Italian Panakès Partners, Inkef, SHS Capital, Dolby Family Ventures, BOM, and Thuja Capital also joined the round (press release).
In September 2020, Panakés, INKEF Capital, SHS Gesellschaft für Beteiligungsmanagement led Salvia BioElectronics 26 million euros round of which have also been part BOM Brabant Ventures, Thuja Capital and Dolby Family Ventures while the the Netherlands Enterprise Agency (RVO, part of the Dutch Ministry of Economic Affairs and Climate Policy) provided a 5 million credit for innovation (see here a previous post by BeBeez).
Salvia is transforming migraine treatment with its proprietary neuromodulation technology, a customised, minimally invasive therapy designed for people with chronic migraine. Salvia’s ultra-thin implant acts on the key nerves involved in migraine, with the aim of reducing the frequency and intensity of attacks.
The new resources will allow Salvia to complete clinical development and prepare for the commercial launch of MySalvia Therapy, currently being evaluated in the RECLAIM study, a multicentre, double-blind, placebo-controlled trial for patients with chronic migraine. The funds will also allow Salvia to focus on obtaining marketing authorisation from the FDA in the US and regulatory approvals in Europe and Australia.
Hubert Martens, the founder and ceo of Salvia BioElectronics, said: “The support of this strong consortium of investors, MySalvia Therapy will be available to patients who desperately need new treatment options. Chronic migraine is not just a headache. It is a debilitating neurological condition that forces people to give up their social life, work and the life they want to live. Our mission is to give them back their freedom. MySalvia Therapy is designed to offer not only relief, but also a significant and lasting impact. We believe that people with migraine deserve the opportunity to take back their lives. With this funding, we are moving towards regulatory approval and commercialisation, with the ultimate goal of reaching millions of people with chronic migraine”.
Caaj Greebe, a partner of Innovation Industries, added: “Salvia BioElectronics is redefining the landscape of migraine therapy with a bold, patient-centric approach that combines cutting-edge neuromodulation with elegant, minimally invasive design. At Innovation Industries, we invest in innovative technologies that have the potential to solve the most pressing real-world challenges, and Salvia BioElectronics does exactly that: offering life-changing solutions to millions of people living with chronic migraine. We are excited to partner with the Salvia team as they advance clinical development to deliver a meaningful new therapy.”
