Washington, D.C.-based Otolith plans to use the proceeds to support its ongoing clinical programs, regulatory approvals and commercial launches. The funds build upon previous investments from entrepreneur Mark Cuban and ENT physicians.
The company develops a prescription wearable device for the treatment of chronic vertigo. It uses noninvasive vestibular system masking (nVSM) technology. The device picked up FDA breakthrough device designation last year.
Otolith Labs designed its nVSM technology to provide immediate symptom relief. It applies localized mechanical stimulation to the vestibular system through calibrated vibrations.
The company plans to begin enrolling patients in a pivotal study “soon,” according to a news release.
“The closing of our Series A financing led by the expert …