A financing and leadership expansion will accelerate the commercialization of Noctrix’s Nidra tonic motor activation therapy for restless legs syndrome.

Key takeaways:

  • Noctrix Health secured up to $33.5 million in private financing through a mix of debt and equity.
  • Leadership additions include Ivan Lubogo as chief commercial officer and Jonathan Charlesworth, PhD, as chief scientific officer.
  • The funding and new appointments aim to accelerate the US launch and adoption of Nidra TOMAC therapy for restless legs syndrome.

Noctrix Health Inc, the developer of the Nidra Tonic Motor Activation (TOMAC) therapy for restless legs syndrome (RLS), has secured a significant expansion of private financing to accelerate its US commercial launch. 

“This additional capital, and more importantly, the invaluable partnership of these strategic groups, strengthens our investor syndicate and positions Noctrix Health to expand commercialization efforts across the United States. This will allow us to bring Nidra therapy to more patients with RLS expeditiously,” says Shri Raghunathan, president and CEO of Noctrix Health, in a release.

Financing Update

Noctrix Health secured up to $33.5 million in private financing through a combination of debt and equity. The round includes participation from new strategic investors, Blue Venture Fund, a partnership among participating Blue Cross Blue Shield companies and the Blue Cross Blue Shield Association, and Sandbox Clinical Ventures. The Life Sciences Team, a part of the Innovation Banking Group at Bridge Bank, a division of Western Alliance Bank, Member FDIC, has provided the debt facility.

“We are proud to support Noctrix Health as they deliver innovative solutions to patients living with restless legs syndrome,” says Bill Wickline, head of Life Sciences at Bridge Bank, in a release. “The Life Sciences Team is dedicated to empowering companies that advance groundbreaking patient care.”

Emir Sandhu, managing director at Blue Venture Fund and Sandbox Clinical Ventures, says in a release, “The Blue Venture Fund and Sandbox Clinical Ventures are thrilled to support Noctrix Health in its mission to improve care for patients with restless legs syndrome. We look forward to partnering with Noctrix’s outstanding management team as they scale and address a significant unmet need.”

Leadership Expansion

Also to support its US launch, Noctrix Health has appointed two new executives:

  • Ivan Lubogo has joined as chief commercial officer. Lubogo previously served as senior vice president of US sales & strategic sales at Inspire Medical Systems. “I’m excited to help expand access to a truly breakthrough therapy that has become part of the standard of care for RLS. I look forward to working with Shri and the team to realize the full commercial potential of Nidra and to serve patients with a world-class experience,” says Lubogo in a release.
  • Jonathan Charlesworth, PhD, has been promoted to chief scientific officer from his previous role as SVP, research & medical affairs. Charlesworth will lead efforts to advance clinical visibility and adoption of Nidra TOMAC therapy.
  • Mark Verratti, chief operating officer of Myriad Genetics, has joined the board of directors as an independent director.