Horsham-Based Reliefband Technologies Raises $1.7M in Private Stock Sale
Horsham-based Reliefband Technologies recently raised $1.7 million in a private stock sale, writes John George for the Philadelphia Business Journal.
The medical device company markets a product worn on the wrist designed to treat and prevent nausea. The watch-like device has key technology positioned on the underside of the wrist. It uses the delivery of a mild electrical pulse – also known as neuromodulation – to stimulate nerves and help give relief from nausea and vomiting.
The product was originally approved by the Food and Drug Administration for motion sickness, but late last year the allowable uses were expanded to include nausea caused by anxiety, migraine headaches, and hangovers.
According to Reliefband CEO Rich Ransom, the company will use the proceeds to invest in research and development, including further clinical trials and device improvements; expanding its distribution channels for the product both domestically and internationally; and adding to the company’s general working capital.
The company started focusing more on health-related nausea after the motion sickness segment of the business slowed down during the COVID-19 outbreak.
This includes morning sickness, “as we believe we are at the outset of a COVID baby boom,” said Ransom.
Read more about Reliefband Technologies at the Philadelphia Business Journal by clicking here.
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