Noctrix Health Inc closed a $40 million Series C financing round to advance its Nidra Tonic Motor Activation therapy (TOMAC) for restless legs syndrome (RLS) toward its anticipated launch in the US.
The financing round was led by Sectoral Asset Management with participation from other new investors Angelini Ventures, ResMed, and Asahi Kasei Corporation, with strong support from insiders including OrbiMed and Treo Ventures.
“We are thrilled to welcome Sectoral Asset Management and other new investors to this esteemed group of partners,” says Noctrix Health founder and CEO Shri Raghunathan in a release. “This significant milestone, coupled with unwavering support from our existing investors, reflects our shared commitment to establishing a new standard of care for RLS.”
Nidra stands as the first and only approved treatment for drug-refractory RLS. It is a clinically validated treatment indicated for reducing the symptoms of RLS and improving sleep quality in adults refractory to medications and was granted a De Novo authorization by the US Food and Drug Administration (FDA) in April 2023 after receiving a Breakthrough Device Designation from the agency in 2020.
Noctrix Health has experienced a banner year in 2023, marked by the FDA marketing authorization of TOMAC therapy, followed by several key publications including a recent study demonstrating TOMAC therapy’s efficacy in reducing opioid use in patients with RLS, further reinforcing its potential impact on patient outcomes.
“The strength of Noctrix Health’s clinical data combined with the tremendous unmet need underscore the importance of bringing TOMAC therapy to patients with RLS,” says Evan Caplan, principal at OrbiMed, in a release. “We have seen how well the team has executed and are excited to continue partnering with them as the company initiates commercialization.”
Photo caption: Nidra Tonic Motor Activation therapy
Photo credit: Noctrix Health
