Issue link: https://nebusinessmedia.uberflip.com/i/1493274
W W W. M A I N E B I Z . B I Z 11 M A R C H 6 , 2 0 2 3 S TA R T U P S F O C U S or problem in different areas of the body. e preliminary results showed improvement in patients' motor con- trol symptoms related to their walk- ing capacity and functional mobility. "In successfully completing our first clinical trial in Parkinson's dis- ease in collaboration with Boston University and one of the world's leading hospitals, we have made sig- nificant progress on the advance- ment of our pipeline," Harris said at the time. "e clinical feasibility from this trial and our recently com- pleted pivotal trial in chronic stroke is essential as we work toward our goal of building next-generation neurotherapeutics that are evidence- based and can positively impact the lives of patients around the world." e results of this study will be submitted for a peer-reviewed publi- cation and presented at the upcom- ing American Physical erapy Asso- ciation Combined Sections meet- ing. A follow-up clinical study of adults with Parkinson's disease is now underway. Funding e company has grown over the past two years, and now has a hybrid team of 44 employees across the U.S. To date, MedRhythms has raised $37 million from angel investors, venture capital firms, Maine Technology Insti- tute and Jean Hoffman, who founded Putney, a Portland-based maker of generic veterinary drugs that was sold for $200 million to a subsidiary of Dechra Pharmaceuticals. MedRhythms also received investments from Werth Ventures, Morningside Ventures and Advantage Capital. In 2018, the company raised $5 million in an oversubscribed Series A Financing round. In 2021, the firm obtained $25 million in Series B venture capital funding and another $2 million from Global Brain and Bose Ventures. "Giving up was never an option," says Harris. "We didn't know where financing was coming from to keep the organization going, but I was always committed to figuring every- thing out, and at no moment was I going to give this up. "ere isn't a book or playbook on how to build a successful company." Alexis Wells, Mainebiz staff writer, can be reached at awells @ mainebiz.biz When you're building a business, you need a team that can keep up. We provide clients with world-class, cost-effective representation, so start-ups can grow into global brands, and global brands can grow like start-ups. From business and tax law to SaaS and Blockchain, we can help. (207) 774-2635 | perkinsthompson.com A Legal Team as Innovative as You Are. Giving up was never an option. We didn't know where financing was coming from to keep the organization going, but I was always committed to figuring everything out, and at no moment was I going to give this up. — Brian Harris MedRhythms MedRhythms medrhythms.com / Portland Founded: 2013 Founder: Brian Harris Co-founder: Owen McCarthy What it does: MedRhythms is a neuro-rehab company that exists to restore lives and quality of life. Workforce: 44 employees Fundraising to date: $37 million