MedRhythms, a Portland, Maine-based developer of prescription digital therapeutics, closed a $25m Series B financing round.
The round was co-led by Morningside Ventures and Advantage Capital, with participation from existing investor Werth Family Investment Associates.
The company, which has raised a total of $34m in gross proceeds from private financings since inception, intends to use the funds to expand its team and key corporate functions to commercialize its flagship product for chronic stroke survivors with walking deficits and advance its digital therapeutics pipeline.
Led by Brian Harris, Co-Founder and Chief Executive Officer, MedRhythms is a developer of prescription digital therapeutics, that use sensors, software, and music to measure and improve walking for patients with a neurologic injury or disease. Its therapeutic platform is designed to digitize an evidence-based intervention known as Rhythmic Auditory Stimulation, which uses music to target neural circuitry that controls movement. This mechanism is known as “entrainment,” a neurologic process in which the auditory and motor systems of the brain are coupled in synchrony with an external rhythmic cue. Entrainment can, over time, both enhance neuroplasticity and lead to improved functional outcomes in walking.
The company has received Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its patented digital therapeutic to treat chronic stroke walking deficits. This product is the first in the company’s pipeline of digital therapeutics for neurologic disease and injury. The impact of the device on chronic stroke walking impairments are currently being studied in a randomized controlled trial (RCT) at the nation’s top rehabilitation hospitals and research centers. The company also has also expanded its pipeline into neurological conditions such as Parkinson’s, acute stroke and multiple sclerosis, including a neuroimaging study with Massachusetts General Hospital.