The two Nexters, who founded MedRhythms Inc., a Portland startup whose digital therapeutics may someday help restore nervous system functioning, discuss the growth of the business and what changes lie ahead.
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In 2018 when MedRhythms co-founders Brian Harris and Owen McCarthy were honored on the Mainebiz Next List, they spoke of their desire to provide care to millions of people through their digital platform, which uses sensors, music and software to help restore nervous system functioning.
Now up to 25 full-time employees and still growing, MedRhythms raised $25 million in its latest venture capital funding round and just signed a partnership with Universal Music Group to provide “prescription music” to patients. They responded by email to Mainebiz questions.
Mainebiz: How will you use the $25 million recently raised in venture capital funding?
Brian Harris and Owen McCarthy: This will enable MedRhythms to expand its team and key corporate functions as we commercialize our flagship product for chronic stroke survivors with walking deficits as well as advance our digital therapeutics pipeline across neurologic disease and injury.
MB: What can you share about ongoing clinical trials and upcoming milestones?
BH and OM: The first population that MedRhythms is focused on treating is the chronic stroke survivor population, which currently has no treatment solution for the population’s widespread walking deficits. Our digital therapeutic for chronic stroke survivors with walking deficits is currently being studied in a randomized controlled trial at some of the top institutions in the country.
Concluding this clinical trial will be an important milestone for MedRhythms, and will enable us to submit for FDA approval and then commercialize this flagship product. The clinical trials related to the additional populations are in varying stages, with some that will be completed over the next year.
MB: What are your hiring plans in the coming months?
BH and OM: We are growing quickly, with plans to expand across functions, from engineering, regulatory, commercial, product and research. We are looking across the country for top talent who are committed to mission and vision to make a big impact in the world.
MB: What positions are hardest to fill and why?
BH and OM: At MedRhythms, there are a number of technical roles that can be difficult to fill. This is due to the high demand for engineers in the market right now and the competition this creates for hiring. Additionally, our regulatory and research roles require specific skill sets and experience that we are looking for, which can create a challenge. However, our partnership with the Roux Institute has already shown to be helpful in our ability to find great talent, and we look forward to how this will continue to be beneficial in the future.
MB: What’s next for MedRhythms?
BH and OM: Successfully completing our pivotal trial will propel us toward our goal of commercializing our first product for chronic stroke survivors and will enable us to make a big impact in the world for the patients we serve, which has been our driving mission since we started the company. Our digital therapeutic will provide these patients with a non-pharmacological, personalized intervention that impacts walking outcomes, independence and overall quality of life.
Once approved, the ability to use this device at home and without a clinician will make this care available to the millions of chronic stroke survivors who need it and don’t currently have access to this treatment. As we think about the future for MedRhythms, we are also aware of the many unmet needs that we have the potential to address in different populations. To this end, we plan to continue advancing our partnerships and clinical evidence in additional disease states, including acute stroke, multiple sclerosis, Parkinson’s disease, traumatic brain injury and aging in place.
MB: What’s your advice to this year’s Next List honorees?
BH and OM: The pandemic has been challenging for everyone, including most workers and business owners, to persevere through. Our advice for this year’s Next List honorees is to not forget what they learned from the adversity they faced during the pandemic, the resilience required to be successful during that time and the challenges they were able to overcome, which can inform their decisions in times of uncertainty in the future.
Editor's Note: To learn about the honorees in this year's Mainebiz Next List, click here. And join Mainebiz for a reception celebrating the 2021 winners; details are available here.