Cala Health, a US-based medical technology company that develops wearable therapies for chronic disease, has completed a $50m Series C financing to expand its therapeutic pipeline.
Cala said that it intends to use the funds to launch Cala Trio, an advanced therapy for hand tremors in patients with essential tremor.
The company’s wearable neuromodulation therapies combine innovations in neuroscience and technology to deliver individualized peripheral nerve stimulation, creating a new class of electrical medicine called neuroperipheral therapy.
Cala Health founder and CEO Kate Rosenbluth said: “We are delighted to work with such a strong team of investors and advisors who share our vision for the future of bioelectronic medicines.
“This financing follows exciting momentum from the past year, including receiving De Novo clearance from the Food and Drug Administration for our therapy for essential tremor and announcing a licensing agreement and ongoing collaboration with Partners Healthcare Innovation and its affiliate, Massachusetts General Hospital.”
New investors, including Novartis, Baird Capital, LifeSci Venture Partners, and TriVentures, and existing investors such as Johnson & Johnson Innovation JJDC, Lux Capital, Lightstone Ventures, Action Potential Venture Capital, dRx Capital, and GV, participated in the recently closed financing round.
Novartis and Qualcomm joint investment company dRx Capital general partner Neil Tiwari said: “We are excited to continue partnering with Cala Health on its journey to support patients with chronic disease with wearable neuromodulation therapies.”
The medical technology provider said that industry veteran Stacy Enxing Seng will join its team as an independent director and board chair, as part of the financing.
Baird general partner Nicole Walker said: “Cala Health is advancing neuromodulation therapy options without the need for surgery, using body-worn electronics. Baird is thrilled to invest in this field and in the company’s future growth.”
Cala Health said that it is planning for a limited release of its prescription Cala Trio therapy, with a commercial strategy to deliver prescription therapy with the convenience of consumer electronics and serve the patients as a direct distributor.
The company has recently completed enrollment in its therapeutic study, PROspective study for SymPtomatic relief of Essential tremor with Cala Therapy (PROSPECT).
In addition, the company claimed that the recently enrolled study marks the largest study ever conducted in essential tremor in the US.