Mahana Therapeutics Secures $ 61 Million Series B Funding to Support Commercialization and Further Development of Digital Therapeutics

  • Mahana will use funds to launch the first FDA-approved digital prescription therapy for irritable bowel syndrome (IBS) and advance the pipeline of digital therapies for chronic disease

  • JAZZ Venture Partners, Gurnet Point Capital, Main Street Advisors, KKCG and Lux ​​Capital contributed to the funding round

  • Sophie Kornowski from Gurnet Point and Meghan Reynolds from JAZZ join Mahana board

SAN FRANCISCO, August 11, 2021– (BUSINESS WIRE) – Mahana Therapeutics, a leading developer of digital prescription therapies designed to empower chronically ill patients, has completed Series B funding of $ 61 million. The company will use the funds to launch Mahana ™ IBS, an FDA-approved prescription digital therapy, and accelerate the development of several digital therapies for chronic disease.

JAZZ Venture Partners and Gurnet Point Capital led the funding with significant participation from new and existing investors, Main Street Advisors, KKCG and Lux ​​Capital. JAZZ and Lux ​​have led the company’s previous rounds. Through this investment, Mahana Therapeutics has raised a total of $ 81 million to develop and commercialize its digital therapy pipeline. Sophie Kornowski from Gurnet Point and Meghan Reynolds from JAZZ have joined the board of Mahana Therapeutics.

The company’s flagship product, Mahana IBS, has been shown to be effective in a clinical trial of 558 patients in people with irritable bowel syndrome. Patients using the Mahana IBS program experienced significant clinical improvement in the severity of IBS symptoms, including decreased abdominal pain, bloating, dysregulation of bowel function, and a negative impact on daily social activities.1 The United States Food and Drug Administration (FDA) granted De Novo clearance for the web version of Mahana IBS (formerly Parallel ™) in November 2020 and cleared the mobile app version in June 2021.

“We are grateful for the support of leading investors in digital health, technology and the life sciences who share our vision of giving patients affordable, accessible and effective digital tools to help patients manage their chronic diseases,” said said Steven Basta, Managing Director at Mahana Therapeutics. “We are fortunate at Mahana to have an amazing and dedicated team that is committed to serving patients with chronic illnesses. We sincerely thank the patients, clinicians and counselors who guide our development efforts and make our therapies possible. “

IBS is usually treated with pharmaceutical interventions, which have been shown to reduce the severity of symptoms. However, many patients are frustrated with the ongoing challenges in the treatment and management of their IBS and are unhappy with their current treatment.2 A recent review of therapies for IBS suggested that cognitive behavioral therapy (CBT) may be one of the most effective treatments available for the disease.3; However, most of the 35 million people diagnosed with IBS in the United States do not have access to licensed clinicians trained in CBT for gastrointestinal conditions and therefore were not able to receive CBT treatment until it became available. by Mahana IBS.

Mahana IBS is an FDA-approved, prescription-only digital therapy device indicated as a three-month treatment providing CBT to adults with IBS via a downloadable app available for iOS and Android phones and tablets. Mahana IBS helps patients learn to change their behaviors and thoughts in a way that helps them reduce the severity of symptoms. Mahana IBS can be used with other treatments for IBS.

“GPC is delighted to join this group of world-class investors with a proven track record in supporting life science and technology companies, as well as the impressive team assembled at Mahana, to support the development of digital therapies. breakthroughs in transforming the treatment paradigm for many health issues, ”said Sophie Kornowski, senior partner at Gurnet Point Capital. “In particular, I am greatly encouraged by the potential of Mahana IBS as a novel approach to help patients with IBS, a debilitating disease having a significant impact on the quality of life of patients. “

About Mahana Therapeutics

Mahana Therapeutics is a leading developer of effective prescription digital therapies designed to empower chronically ill patients to live fuller lives. The company’s first product, Mahana IBS, is the first digital therapy to receive FDA clearance for the treatment of IBS and provides cognitive behavioral therapy (CBT) to adults with IBS. More information is available at www.MahanaTx.com.

1 Everitt HA, Landau S, O’Reilly G et al. Evaluation of telephone-delivered cognitive behavioral therapy (CBT) and web-delivered CBT versus usual treatment for irritable bowel syndrome (ACTIB): a multicenter randomized trial. Gut 2019; 0: 1-11. Doi: 10.1136 / gutjnl-2018-317805.
2 Drossman DA, Morris CA, Schneck S, et al. J Clin Gastroenterol. July 2009; 43 (6): 541-550.
3 Shah ED, Salwen-Deremer JK, Gibson PR et al. Pharmacological, dietary and psychological treatments for irritable bowel syndrome with constipation: cost-utility analysis. Practice of MDM policy. January 18, 2021; 6 (1): 2381468320978417. doi: 10.1177 / 2381468320978417. PMID: 33521290; PMCID: PMC7818007.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210811005170/en/

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Hannah hurdle
Bioscribe
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hannah@bioscribe.com

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