Sana Health raises $5.8M to get through clinical trials

LAFAYETTE — Sana Health Inc., a maker of audio-visual masks designed to treat chronic pain, raised $5.8 million in new venture funds as it prepares to close out two trials for treating pain. According to filings with the U.S. Securities and Exchange Commission, the Lafayette company raised the round through a sale of preferred stock and convertible notes to 44 investors. The company’s goal for the round is $9 million. The fundraiser comes a day after Sana announced that the U.S. Food and Drug Administration approved the company’s product for sale as a “general wellness” device. In an interview with BizWest, CEO Richard Hanbury said the round is still open to investors. Sana is currently in the middle of trials to determine if the relaxation mask, which uses audio waves to stimulate parts of the brain, can relieve the pain of fibromyalgia. There are concurrent studies going on at Duke University for fibromyalgia, and a broader neuropathy study at Mount Sinai Health System in New York. Hanbury said a pilot study of 20 patients in Colorado showed that Sana’s device had three times the efficacy of the leading fibromyalgia drug, but without the side effects of the medication. “We have a solution in an area that is desperately needed,” he said. Hanbury expects results from those clinical studies to be available this fall, and for Sana to land market clearance as a clinical treatment during the second quarter of 2021. The company has raised a little more than $13.63 million over six rounds since 2017, according to prior SEC filings. It is the second-largest raise in Sana’s history behind a $6.49 million round in November 2018.
Source: BizWest