ShiraTronics, Inc. Completes $33M Million Series A Financing

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Oct 24, 2019, 15:51 ET

MINNEAPOLIS, Oct. 24, 2019 /PRNewswire/ -- ShiraTronics, Inc., a private medical device company, today announced it has completed a Series A financing of $33 million. The financing was co-led by USVP, Amzak Health, and Strategic HealthCare Investment Partners (S.H.I.P.), with participation from Aperture Ventures, LivaNova PLC, and a leading Academic Institution. Concurrent with the financing, the company also announced the hiring of Lynn Elliott as the President and CEO of the Company. Lynn brings three decades of active implantable device experience in medical device innovation, R&D, manufacturing, clinical trials, and regulatory approvals to healthcare challenges. Lynn has a unique blend of experience in large medical device companies such as Guidant and Boston Scientific and small venture capital funded startups like Spinal Modulation and ShiraTronics.

As part of this financing Casey Tansey (USVP), Joyce Erony (Amzak Health), and Brad H.Vale, PhD, DVM (S.H.I.P.) will join the ShiraTronics Board.

ShiraTronics was seeded in 2019 and is the first spin off from NuXcel, a medical device accelerator managed by Mudit K. Jain, PhD, and Lynn Elliott, and backed by S.H.I.P. Supported by meaningful body of clinical evidence, ShiraTronics is developing an innovative approach to treat migraine headaches which are a disabling disorder affecting millions of patients globally.

"ShiraTronics 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 migraine headaches. We are very excited to be part of the company's evolution and future growth," said Casey Tansey, General Partner, USVP, and a newly appointed board member of ShiraTronics.

"We look forward to partnering with such an experienced investor group led by USVP, Amzak, and S.H.I.P. This financing provides us the necessary resources needed to develop and advance a novel therapy in the clinics," said Lynn Elliott the President and Chief Executive Officer of ShiraTronics. "We are absolutely thrilled to have the first spin-off from NuXcel off to a great start with a world-class syndicate of very seasoned medical device investors and are looking forward to working with them, the product development team, and the clinical community in further developing this impactful technology," said Mudit K. Jain, PhD, a co-founder and Chairman of the Board of ShiraTronics.

About ShiraTronics: www.shiratronics.com

ShiraTronics, Inc., Brooklyn Park, Minnesota, was created to be the world's leading provider of innovative therapy for migraine headaches. The company is focused on developing and clinically testing its neuromodulation technology. The company was spun off from NuXcel, an electrical medical device focused accelerator. The leadership team of ShiraTronics has overseen the development of several active implantable devices and brought them to the market over last 30 years.

About NuXcel: www.nuxcel.com

NuXcel was established in late 2018 and is a global medical device accelerator focused on developing innovative solutions to serve large unmet clinical needs with presence in Ireland and USA and backed by S.H.I.P.

SOURCE ShiraTronics, Inc.