Paindrainer AB raises 9.5 million in an oversubscribed share issue
LUND, SWEDEN – Paindrainer AB announces a successfully completed share issue of 9.5 MSEK, supported by Almi Invest, Fredrik Sjödin via Tramontane Invest, ReThink Capital and existing shareholders.
The use of proceeds focuses on Paindrainer AB continued successful commercial rollout in the US of the unique drug-free, digital remote therapeutic monitoring system for chronic pain patients, using a proprietary AI powered neural network. It also enables the company to continue conducting clinical trials with top-tier health organizations, as well as to add further functionalities to the digital tool.
“Having completed a share issue transaction in the current market with support from both existing and new owners feels fantastic. It shows the growing interest in these types of second-generation digital companies, and it enables us to increase our presence in the highly important US market with our remote therapeutic monitoring solution.” says Erik Frick, CEO Paindrainer AB.
Two new anchor investors join the company to support the commercial journey forward.
“I am excited to join Paindrainer as an engaged shareholder in its journey towards helping chronic pain patients increase their quality of life” says Fredrik Sjödin, CEO, Tramontane Invest AB.
“We are thrilled to support Paindrainer AB as they continue their mission to improve chronic pain management. Their patient-centric approach aligns with our vision of investing in innovative solutions that make a real difference. We look forward to supporting their expansion and impact in the U.S. and beyond." Says Joel Gardestrand, Investment Manager ReThink Capital AB
Paindrainer AB is a digital therapeutics (DTx) company developing digital platforms and applications contributing to health and well-being. The Paindrainer app is the first evidence based digital tool demonstrating improved quality of life in patients suffering from chronic pain. The solution is powered by a proprietary Artificial Neural Network (ANN) and is fully adaptive to each chronic pain patient, demonstrating our unique and patented 360o patient-centricity concept.
For more information, please contact:
Erik Frick
CEO Paindrainer AB
erik.frick@paindrainer.com
+46 736 612123
About Paindrainer AB
Paindrainer AB is a company developing digital platforms and applications contributing to health and well-being. Paindrainer was founded in 2018 by Prof. Carl Borrebaeck, Dr. Maria Klement (chronic pain patient herself), and Göran Barkfors (IT specialist). The idea was born when Maria, after participating in several pain rehabilitation programs, realized that the pain is affected by more factors than the human brain can keep track of, since all days are different. Paindrainer® which is completely patient-centric uses advanced calculations based on artificial intelligence to, based on each user’s own data, coach the user in planning their day not to exceed a certain pain level, and to ensure that there is energy left for activities highly valued.
Paindrainer® has clinical evidence, is based on Acceptance and Commitment Therapy (ACT), self-management and artificial intelligence (AI). It is CE certified and an FDA Mobile Medical Device Class I with exemption. www.paindrainer.com