NOCTRIX HEALTH SECURES $40 MILLION SERIES C FINANCING TO COMMERCIALIZE NOVEL DEVICE TREATMENT FOR RESTLESS LEGS SYNDROME (RLS)

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Jan 16, 2024, 09:15 ET

PLEASANTON, Calif., Jan. 16, 2024 /PRNewswire/ -- Noctrix Health, Inc. announced today that it has closed a $40M Series C financing round 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. This infusion of capital will propel the advancement of Nidra™ Tonic Motor Activation (TOMAC) therapy towards its eagerly anticipated launch in the US market. Nidra™, a revolutionary new device, stands as the first and only approved treatment for drug-refractory Restless Legs Syndrome (RLS), a chronic condition that has debilitating impacts on sleep and quality of life of millions of adults worldwide.

The Nidra™ Tonic Motor Activation therapy 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 Founder and CEO, Shri Raghunathan, expressed his excitement at the successful funding round, stating, "We are thrilled to welcome Sectoral Asset Management and other new investors to this esteemed group of partners. This significant milestone, coupled with unwavering support from our existing investors, reflects our shared commitment to establishing a new standard of care for RLS. I extend my gratitude to our dedicated team for their hard work and am humbled by the overwhelming support received."

Michael Sjöström, co-founder, and Partner at Sectoral Asset Management, shared his enthusiasm, stating, "I am honored to join Noctrix Health on its journey in redefining RLS treatment. We believe in the transformative potential of TOMAC therapy and look forward to contributing to the company's continued success."

"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," said Evan Caplan, Principal at OrbiMed. "We have seen how well the team has executed and are excited to continue partnering with them as the company initiates commercialization."

"Treo Ventures is thrilled to continue supporting Noctrix Health. This significant financing will allow the company to reach millions of patients with RLS. TOMAC therapy is a patient-friendly, highly effective, non-pharmacologic innovation for patients unhappy with current solutions who need better treatment options," commented Tracy Pappas, General Partner, Treo Ventures.

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.

About Nidra™ TOMAC Therapy
The Nidra™ Tonic Motor Activation (TOMAC) system is the first and only non-pharmacologic, wearable treatment intended to reduce symptoms of primary moderate-severe Restless Legs Syndrome (RLS) and improve sleep quality in adults refractory to medications. It is available in the US by prescription only. For more information on availability or clinical and important safety information, please visit www.nidrarls.com.

About Noctrix Health, Inc.
Noctrix Health is a medical device company committed to developing clinically validated breakthrough medical technologies that improve the quality of life for patients with chronic conditions. For enquiries contact [email protected].

SOURCE Noctrix Health, Inc