|ReliefBand--Courtesy of ReliefBand Technologies|
Hospitals have long used various wrist-band devices to quell nausea. Now, startup ReliefBand Technologies has in-licensed the device of the same name. It was founded to bring an over-the-counter version of ReliefBand directly to consumers, thereby avoiding hospital and physician intermediaries. The company has raised a $5 million financing to do just that.
The startup expects to have a new iteration of the FDA-cleared ReliefBand into retail outlets next quarter, after an update to its design and usability. The device is already for sale on Amazon via a beta test to help the company better understand the OTC opportunities.
The new device will be unveiled at the Consumer Electronics Show (CES), which is in Las Vegas, NV, from Jan. 6-9. The $5 million financing was let by healthcare fund PathoCapital.
"The capital and strategic resources provided by the investment announced today will take the introduction of the ReliefBand to a whole new level," said Nick Spring, CEO of ReliefBand Technologies.
He continued, "With 70% of women experiencing morning sickness during pregnancy and more than 60 million people suffering from motion sickness, ReliefBand is fulfilling a very large unmet need. As such, interest in the device that can treat the condition without any side effects has been overwhelming from investors, the medical community, retailers and consumers alike."
Spring hails from the OTC and prescription drug industry. He founded Topaz Pharmaceuticals in 2005; it sold to Sanofi Pasteur in 2011 for an undisclosed amount. Investors from PathoCapital and JVC Investment Partners sit on the ReliefBand Tech board.
The FDA clearance for ReliefBand dates back to 1997; it was originally developed by Abbott Laboratories ($ABT). It is a wrist-worn device that delivers mild electrical stimulation to the peripheral nerves located on the underside of the wrist. That electrical pulse is intended to interrupt the feelings of nausea.
The newest iteration of the device will bear a manufacturer-suggested retail price of $89.99.
The company was founded in July with the aim of marketing the next generation of wearable technology aimed at treatment and alleviation of symptoms rather than just monitoring. The latest iteration of ReliefBand will offer preprogrammed pulses with specific waveform, frequency and intensity of stimulation for the median nerve on the underside of the wrist. The user can adjust the intensity.
- here is the announcement