NEW YORK, March 29, 2022 (GLOBE NEWSWIRE) -- Fisher Wallace Laboratories, the market leader in prescription wearable technology for the treatment of neuropsychiatric disorders, announces today the closing of a funding round that will provide the company with $2.5M of capital to pursue its growth strategy. The round was led by SHUFL Capital, a leading early-stage investor in the Sleep, Health, Fitness and Leisure sectors founded by British businessman and growth investor Simon Webster. The financing closes simultaneously as Fisher Wallace is announcing the launch of an equity crowdfunding campaign through StartEngine aimed to raise $1.9M. This latest round of financing follows the recent (October 2021) close of Fisher Wallace's first equity crowdfunding campaign that raised $4.7M.
With historic spikes in depression, anxiety, and insomnia due to the ongoing pandemic, the need for affordable, evidence-based, self-administered mental health treatment solutions is well recognized. Fisher Wallace's prescription wearable brain stimulation technology was scientifically validated in randomized clinical trials conducted in the U.S. during the pandemic. The technology causes no serious side effects, may be used in conjunction with medication or talk therapy and increases access to affordable treatment with an out-of-pocket cost of $499.
Fisher Wallace will use the proceeds from SHUFL and the crowdfunding campaign for additional research and Version 2.0 product development, including the development of the company's first mobile app, and to further propel the company's growth strategy. Fisher Wallace's user base has grown to over 85,000 patients, many of whom are candidates for talk therapy and other digital health services. The company's Version 2.0 device, set for release in 2023, is being designed by industrial designer Eric Fields, the recipient of two Red Dot Design Awards, and the engineering firm Alloy Product Development, which previously engineered products for Beats and other leading hardware brands.
"Mental health treatment has been defined by behavioral therapy and drug therapy for decades, but a new era of prescription electronics for the brain is rapidly evolving at a moment when the need for remote treatment options has skyrocketed," said Kelly Roman, Fisher Wallace's Chief Executive Officer. "Taking inspiration from what Apple has achieved in consumer electronics, Fisher Wallace intends to pair its beautifully designed, FDA-Cleared Version 2.0 hardware with digital health solutions that will help define this new category of evidence-based prescription wearable."
SHUFL Capital founder Simon Webster's early career was spent in the UK financial services sector leading business change, delivering technology transformations, and supporting M&A transactions. Since 2000 he has had the privilege of leading CPA Global on its 20-year journey from a £50M business to its recent public market entry at a value of £6.5BN. Simon has been investing in and working with founders of growth businesses in the SHUFL sectors since 2010.
"We are thrilled to be partnering with Chip Fisher, Kelly Roman and the team at Fisher Wallace," said Simon Webster. "Their vision for the future treatment of anxiety, depression and insomnia using this well-established but highly specialized method are completely aligned with our own ambitions in this space."
For more information about the StartEngine campaign, please visit www.startengine.com/fisherwallace
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ABOUT FISHER WALLACE
Fisher Wallace Laboratories manufactures and markets the Fisher Wallace Stimulator®, a patented neurostimulation device that was cleared by the FDA for the treatment of depression, anxiety, and insomnia.
ABOUT SHUFL CAPITAL
Our purpose at SHUFL is simple. We invest in happiness. We believe that human happiness has four foundations: good sleep; good health; fitness of body and mind; and spending time doing things we love. Our mission is to partner with businesses who strengthen these four foundations, providing the financial and intellectual capital to those teams and ideas that are successfully targeting improvements in Sleep, Health, Fitness and Leisure.
Press Contact:
Heather Phillips
hphillips@gebencommunication.com
440-666-9712
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