Private medical device company Noctrix Health Inc has completed a Series B financing of $17 million. The financing was co-led by Treo Ventures and OrbiMed, with participation from LivaNova PLC and other insiders.
As part of this financing, Tracy Pappas (Treo Ventures) and Chau Khuong (OrbiMed) will be joining Shri Raghunathan, PhD, Mudit K. Jain, PhD, and Allan May on the Noctrix Health board.
Noctrix Health was formed in 2018 with a mission to develop non-pharmaceutical treatments for restless legs syndrome (RLS), after observing an unmet need in this patient population as part of Stanford University’s Biodesign Program. Noctrix Health is developing a neuromodulation-based approach to treat RLS and has obtained a Breakthrough Device Designation from the United States Food & Drug Administration to expeditiously advance its therapy through clinical evaluation and subsequent commercial launch.
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“Noctrix Health is leveraging significant clinical experience to accelerate the development of a novel therapy that may significantly impact the lives of millions of patients who suffer from RLS. We are very excited to be part of the company’s evolution and future growth,” says Tracy Pappas, partner, Treo Ventures, and a newly appointed board member of Noctrix Health, in a release.
Chau Khuong, partner, OrbiMed, says, “OrbiMed has followed Noctrix and its developments for quite some time and we have been impressed with the technical progress to-date. I look forward to working with the Noctrix team to build a world-class company with a highly effective and safe non-pharmacologic, non-invasive intervention for RLS patients in need.”
Shri Raghunathan, PhD, founder and CEO of Noctrix Health, says, “We look forward to partnering with such an experienced investor group led by OrbiMed and Treo Ventures. This financing provides us the necessary resources to develop and advance this therapy that could benefit millions of patients that suffer from the debilitating nightly symptoms of RLS.”