A UK online clinic has announced US$3.5m in funding to support digital solutions for patients with chronic pain and advance medical cannabis therapeutics.
One quarter of adults in the UK are living with a pain condition that has lasted over three months, with chronic pain having been dubbed a “silent epidemic”.
Reports have shown that pain costs the UK economy more than cancer and heart disease, almost as much as diabetes and obesity costs.
Leva, an online clinic focusing on chronic pain management, aims to help patients through physiotherapist support, pain management techniques, medication review and prescription. It has previously partnered with NHS trusts to provide digital therapeutic services and care plans in an effort to tackle chronic pain.
The company has also funded the largest observational medical cannabis study in the UK to gather more evidence on the efficacy of medical cannabis-based medicines.
“Our investment in Leva is perfectly aligned with our goal to support emerging businesses in the pain management space globally,” said Justin Hartfield, founder of the cannabis platform Weedmaps, who has made the investment via his private investment office 2420 Partners.
“Leva is on the path to being a market leader in delivering innovative pain management solutions by industry-leading pain experts in the UK. We are excited to partner with the company in its next chapter of growth.”
Leva co-founder and CEO, Eric Bystrom, added: “Leva’s unique patient centric platform is delivering for our patients and with this investment we intend to further increase our reach across the UK and continue to build our offering through digital access.
“Justin’s experience in developing digital offerings coupled with Oskare’s life sciences expertise make them the perfect partners for this next stage of our journey.”
Dr John Rogers, neurologist and co-founder of the medical and pharmaceutical cannabis fund Óskare, will join the Leva’s board alongside Dr Arun Bhaskar, consultant in pain medicine and president of the British Pain Society.
Rogers said: “We have been impressed by Leva’s approach to patient care, also affirmed by their NHS contracts and recent CQC report.
“Leva has assembled a highly experienced team of pain management experts, and we are excited to help [the clinic] make these patient services available across the UK.”
Oliver Lamb, co-founder and investment manager at Óskare Capital, said: “We are excited about our investment in Leva and their much needed pain management platform.
“One of the key issues that Óskare Capital seeks to address in the medical cannabis market is patient access, and Leva are breaking down the barriers for those patients most in need.
“Having been in discussions with the Leva team for over a year, we have been continually impressed by their vision and dedication,” Lamb added.
