What you should know:
– VR applied, a Los Angeles, CA-based company that is advancing in the next generation of immersive therapy, today announced $ 36 million in Series B funding, raising its total funding to $ 71 million. The round, which included investments of F-Prime Capital, JAZZ Venture Partners, Sway Ventures i SVB Ventures, set up AppliedVR for rapid growth as it prepares for its FDA decision on its first filing again.
– Virtual reality offers an immersive experience that has been shown to improve the lives of people in pain. The AppliedVR platform comprehensively addresses multiple pain indicators, making people report reductions in pain and associated interference from daily life both immediately and for several months after treatment ends. People in pain follow a clinically validated curriculum and supported by immersive RV programming science to reduce their pain and help them learn real-world pain management skills.
Relieve chronic pain with therapeutic virtual reality
Pain, especially chronic pain, is one of the most complex and costly health problems to address. Chronic pain, estimated to affect about a third of all Americans, is estimated to cost up to $ 635 billion each year, making it more expensive than cancer, heart disease and diabetes combined. In addition, aggravated by Covid-19, the chronic pain epidemic continues to fuel the U.S. opioid crisis, which has decimated communities and exacerbated the problem of health care costs.
Founded in 2015, AppliedVR offers virtual reality-based treatments aimed at comprehensively treating chronic pain. Combining well-established cognitive-behavioral therapies with awareness exercises, the company’s EaseVRx solution recently became the first virtual reality (VR) therapeutic prescription to receive Designation of the innovative device of the FDA for treatment-resistant fibromyalgia and intractable chronic low back pain.
Whether used in clinical settings or by patients at home, AppliedVR is building an unparalleled set of evidence that demonstrates that its immersive therapies are effective and usable for patients, scalable for providers, and viable for payer reimbursement. . In February, AppliedVR published the results of its eight-week randomized clinical trial that found the EaseVRx device produced a “clinically significant” improvement in multiple pain outcomes and had great satisfaction and commitment from participants.
Recent peer-reviewed research results
The company also just announced the results of a peer-reviewed collaborative research project with SOLVE Health Tech, a health equity incubation partner, integrated into the University of California, San Francisco. The research, published in the Journal for Medical Internet Research (JMIR), studied how virtual reality could be used for pain management in safety net environments for vulnerable populations such as Medicaid patients.
More than 200 of the world’s leading health systems already rely on AppliedVR and to date more than 60,000 patients have used the technology in pain and wellness management programs. Following today’s investment, the company will prepare for the full market launch of EaseVRx after FDA approval, complete additional payment testing, expand its product portfolio, conduct further clinical research, and continue building its VR pharmacy platform. AppliedVR is currently collaborating with Geisinger and Cleveland Clinic to advance separate NIDA-funded clinical trials testing virtual reality as an opioid-saving tool for acute and chronic pain.
“For too long, we’ve relied on the idea that people need to take pills or rely on surgery to feel better and have a better quality of life. At AppliedVR, we’re building an unparalleled set of evidence for providers and payers show that immersive therapy can fill the unmet mass need of patients frustrated by current treatment paradigms. And, let’s start with chronic pain, one of the most complex and costly conditions, ”said Matthew Stoudt, co-founder and CEO of AppliedVR. “Our goal is to make immersive therapy accessible to everyone, and this funding will help further expand our set of evidence, infrastructure and distribution platform, enabling patients and providers to leverage this next-generation therapy at the same time. which reduces costs for payers. ”