ShiraTronics

About ShiraTronics

ShiraTronics is a clinical-stage medical device company, founded in 2019 by Lynn Elliott and Mudit K. Jain, PhD, MBA, and is headquartered in Minneapolis, Minnesota. It was established as the first spinout from the medical accelerator NuXcel. The company is focused on providing a solution for patients with chronic migraine, specifically those who experience 15 or more headache days a month and have not found relief from conventional treatments.

The business operates within the neuromodulation market, which is projected to be a multi-billion dollar sector in the coming years. ShiraTronics' revenue model will be based on the sale of its medical device to healthcare facilities and practitioners specializing in headache treatment once it receives regulatory approval. The company has secured significant financing to fund its clinical trials and path to commercialization, raising a total of $108 million over three rounds, including a $66 million Series B in September 2024 led by Norwest Venture Partners. This funding supports the company's efforts to gain premarket approval from the FDA.

The core of ShiraTronics' offering is a fully implantable neuromodulation system designed to prevent and relieve chronic migraine attacks. This system involves a minimally invasive surgical procedure to place the device just beneath the skin in the head. It delivers continuous, low-level electrical pulses to the occipital and supraorbital nerves, which are associated with migraine pain. The therapy aims to interrupt and calm these pain signals 24 hours a day, with patients able to manage the device via a dedicated application and weekly wireless charging sessions. A key differentiator is that the system is purpose-built for the anatomy of the head, a feature intended to avoid complications seen with off-label uses of other neuromodulation devices. Clinical studies have shown promising results, with participants reporting significant reductions in the frequency and severity of migraine days and an improved quality of life. The company received FDA Breakthrough Device Designation in 2021 and is conducting its pivotal RELIEV-CM2 clinical trial across sites in the United States and Australia.

The leadership team consists of seasoned professionals from the medical device industry. Rob Binney, a 25-year veteran with experience at companies like Boston Scientific and Intersect ENT, took over as CEO in July 2022, succeeding co-founder Lynn Elliott in a planned transition. Binney's background includes leading Alydia Health through a successful acquisition by Organon, demonstrating a strong track record in both clinical development and commercialization.