Maryland University life sciences spin-out eNeura has signed a deal with Orthofix which could see the pharmaceutical firm acquire the company in 18 months’ time.
Orthofix is providing a $15m loan to eNeura during that time to further develop its migraine treatments. If eNeura continues on a positive commercialisation trajectory, Orthofix has the option to acquire the Baltimore-based company for $65m.
Prior to the $15m debt financing, eNeura raised $11.8m in venture backing from unnamed sources, and a further $1.7m debt round – also from an unspecified backer.
The company received Food and Drug Administration clearance for its migraine treatment device in 2014, and is the first medical device in the US which can treat pain associated with migraine headaches with aura symptoms (such as flashing lights, co-ordination problems, stiffness and pain in the body).
David Rosen, CEO of eNeura, said: “Orthofix is an ideal partner for eNeura to expand commercial availability of SpringTMS to migraine patients in the United States and Europe. We look forward to utilizing this financing to advance our product development and commercialization strategy for SpringTMS.”
