WASHINGTON–(BUSINESS WIRE)–Otolith Labs, a medical technology company developing noninvasive wearable medical devices for the treatment of vestibular disorders, today announced the closing of a $20 million Series A financing round by Morningside Ventures. Building on prior investments from businessman Mark Cuban and leading ENT physicians, the proceeds will be used to support the company’s ongoing clinical programs, anticipated FDA approval and first commercial launch of a prescription wearable device using its noninvasive Vestibular System Masking (nVSM) technology for the treatment of chronic vertigo.
“Otolith Labs’ mission is to make daily living easier for the millions of Americans suffering from the symptoms of chronic vertigo and other vestibulogenic conditions. Chronic vertigo is a condition that prevents people from performing activities of daily living and has significant quality of life and economic impact,” said Anthony Aiudi at Morningside Ventures. “The team at Otolith Labs has developed a truly novel technology that could fundamentally change how chronic vertigo is treated today. Otolith Labs is leading the charge in developing a noninvasive and non-pharmacological therapy for those who have chronic vertigo and we look forward to being a part of this incredible journey.”
Otolith Labs’ nVSM technology is designed to provide immediate symptom relief for chronic vertigo. nVSM applies localized mechanical stimulation to the vestibular system through calibrated vibrations. The company received U.S. Food and Drug Administration (FDA) Breakthrough Device Designation last year for the prescription treatment of chronic vertigo. This designation, which can accelerate the development, assessment, and review of medical devices for pre-market approval, is only granted for devices that address an unmet need and show the potential to provide more effective treatment of life-threatening diseases or irreversibly debilitating conditions. Otolith Labs will soon be enrolling participants for its pivotal study to further evaluate the effectiveness of nVSM as a treatment of chronic vertigo.