Mahana Therapeutics, a leading developer of prescription digital therapeutics designed to empower patients with chronic health conditions, has completed a $61 million Series B financing. The company will use the funds to launch the FDA-cleared prescription digital therapeutic Mahana™ IBS and accelerate development of several digital therapeutics for chronic health conditions.
JAZZ Venture Partners and Gurnet Point Capital led the financing with significant participation from new and existing investors Main Street Advisors, KKCG and Lux Capital. JAZZ and Lux led the company’s prior rounds. With this investment, Mahana Therapeutics has raised a total of $81 million to develop and commercialize its pipeline of digital therapeutics. Sophie Kornowski of Gurnet Point and Meghan Reynolds ofJAZZ have joined the Mahana Therapeutics Board of Directors.
The Company’s lead product, Mahana IBS, has demonstrated effectiveness in a 558-patient clinical trial in individuals with irritable bowel syndrome. Patients using the Mahana IBS program experienced significant clinical improvement in IBS symptom severity ,including less abdominal pain, bloating, bowel function dysregulation and adverse impact on daily social activities. The U.S. Food and DrugAdministration (FDA) granted De novo authorization 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 digital health, technology and life science investors who share our vision to empower patients with affordable, accessible, and effective digital tools to help patients manage their chronic conditions,” said Steven Basta, chief executive officer at Mahana Therapeutics. “We are fortunate at Mahana to have an extraordinary, dedicated team committed to serving patients with chronic disease. We sincerely thank the patients, clinicians and advisors who guide our development efforts and make our therapies possible.”
IBS is commonly treated with pharmaceutical interventions, which have been shown to provide some reduction in symptom severity. However, many patients are frustrated with continued challenges in treating and managing their IBS and are not satisfied with their current treatment. A recent review of IBS therapies has suggested cognitive behavioral therapy (CBT)may be among the most effective available treatments for the condition;however, most of the 35 million individuals diagnosed with IBS in the UnitedStates do not have access to licensed clinicians trained in CBT for GI conditions, and therefore were unable to receive CBT treatment prior to the availability of Mahana IBS.
Mahana IBS is an FDA-cleared, prescription-only digital therapeutic device that is indicated as a three-month treatment providing CBT to adults with IBS through a downloadable app available for iOS and Android phones and tablets. Mahana IBS helps patients learn to change their behaviors and thoughts in ways that empower them to lessen the severity of symptoms. Mahana IBS may be used with other IBS treatments.
“GPC is excited to join this world-class group of investors with a proven track record supporting life sciences and technology companies, as well as the impressive team assembled at Mahana, to support the development of groundbreaking digital therapeutics to transform the treatment paradigm for many health conditions,”said Sophie Kornowski, senior partner at Gurnet Point Capital. “In particular,I am greatly encouraged by the potential for Mahana IBS as a new approach to help patients with IBS, which is a debilitating condition with significant impact on patients’ quality of life.”
About Mahana Therapeutics
Mahana Therapeutics is a leading developer of effective prescription digital therapeutics that are designed to empower patients with chronic conditions to live fuller lives. TheCompany’s first product, Mahana IBS, is the first digital therapeutic 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.
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