1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative startups and small and medium-sized enterprises (SMEs) in Europe, particularly those focused on deep-tech innovations. The program aims to accelerate the development of breakthrough technologies and disruptive innovations that can enhance European competitiveness and foster economic growth.

The EIC Accelerator provides substantial funding opportunities, combining both grant and equity financing. The grant component can reach up to €2.5 million, which is allocated to cover various costs associated with the development and commercialization of innovative projects. This funding can be utilized for activities such as research and development, prototyping, and market entry strategies.

In addition to the grant, the EIC Accelerator offers equity funding of up to €15 million until 2024. Following 2025, this equity funding will be capped at €10 million. This equity investment is intended for scaling operations and attracting additional private sector investment, thereby enabling companies to leverage their innovations in the marketplace effectively.

Purpose and Impact of the EIC Accelerator

The EIC Accelerator plays a pivotal role in the European startup ecosystem by bridging the gap between early-stage innovation and market readiness. It facilitates access to crucial funding, which is often a significant barrier for startups, particularly in the deep-tech sector. By providing both grants and equity financing, the program not only supports the development of innovative solutions but also encourages private investors to participate, thereby enhancing the overall investment landscape.

The program focuses on high-risk, high-reward projects that can lead to significant advancements in technology and societal benefits. By fostering collaboration between startups, investors, and research institutions, the EIC Accelerator strengthens the European innovation ecosystem, promoting sustainable economic growth.

Case Study: Rehaler ApS and the PAREMA Project

Company Overview

Rehaler ApS, based in Denmark, is an innovative company dedicated to developing advanced solutions for medical conditions. The company was awarded EIC Accelerator funding for its project titled PAREMA (PArtial REbreathing for Migraine with Aura). The project aims to address the debilitating condition of migraines, particularly those accompanied by aura.

Project Description: PAREMA

The PAREMA project focuses on a groundbreaking therapeutic approach for individuals suffering from migraines with aura, which can significantly impair quality of life. The technology utilizes partial rebreathing mechanisms to alleviate migraine symptoms, providing a novel, non-invasive method for treatment.

Technology Background

The underlying technology of PAREMA is based on the principles of rebreathing, where a patient inhales a regulated mixture of gases. This process is designed to recalibrate the body's oxygen and carbon dioxide levels, potentially leading to a decrease in the severity and frequency of migraine attacks. The innovation lies in the device's ability to offer an effective solution without the side effects commonly associated with traditional migraine medications.

Development and Funding Journey

Rehaler ApS submitted its Step 2 proposal for the EIC Accelerator on March 22, 2023, and subsequently advanced to the Step 3 interview, ultimately securing funding for its ambitious project. The initial grant funding will support the critical early stages of development, including clinical trials and market research, while the potential equity funding will enable the company to scale operations and enhance production capabilities.

Conclusion

The EIC Accelerator program serves as a vital catalyst for innovation in Europe, particularly in the deep-tech landscape. By providing substantial funding through grants and equity, it empowers companies like Rehaler ApS to pursue transformative projects like PAREMA. This not only aids in the development of new technologies but also fosters a robust startup ecosystem that can drive significant economic and societal advancements.

2 The Funding Rounds

# Rehaler ApS: Danish Medtech Innovator Advancing Drug-Free Migraine Treatment

Rehaler ApS, a Danish medtech company based in Kongens Lyngby, Denmark, has developed an innovative drug-free migraine treatment device. The company, which operates under the website rehaler.com, has received significant recognition and funding to advance its groundbreaking technology toward market readiness.

EIC Accelerator Funding

In June 2023, Rehaler received a substantial €2.56 million (approximately 19 million DKK) from the European Innovation Council (EIC) Accelerator program. This funding package consisted of:

• €1.48 million (11 million DKK) in grant funding
• €1.08 million (8 million DKK) in equity investment

Rehaler was one of only 51 companies selected for EIC Accelerator funding out of 551 pre-selected applicants, demonstrating the EU's confidence in the company's technology and market potential.

Technology and Clinical Development

Rehaler's primary product is a small, drug-free inhaler weighing just 10 grams that works by precisely controlling the inspired levels of CO₂ and oxygen to inhibit migraine attacks. The technology builds on scientific knowledge dating back to 1950 regarding the efficacy of CO₂/oxygen mixtures in treating migraines.

The EIC Accelerator funding has enabled Rehaler to significantly expand its pivotal clinical trial: - Initial plan: 60 patients

Expanded plan: 220 patients across additional trial sites in the USA and Europe

Funding History

Beyond the EIC Accelerator funding, Rehaler's financing history includes:

• Previous funding totaling approximately $2.5 million across funding rounds
• A December 2021 funding round where the company raised 6.1 million DKK

Leadership and Strategic Direction

Troels Johansen serves as the CEO of Rehaler. Following the EIC Accelerator funding, he emphasized the company's focus on:

Market Opportunity

Rehaler is initially targeting patients with migraine with aura, which affects approximately 4% of the population. The company highlights that three out of four migraine patients report dissatisfaction with their current treatment options, indicating a significant market opportunity for effective alternative therapies.

The company's technology has already shown promising results in a pilot study at Aarhus University Hospital in Denmark, with findings published in Cephalalgia, the highest-ranked scientific headache journal globally.

Current Status

As of 2025, Rehaler continues to advance its clinical development program with the expanded trials made possible by the EIC Accelerator funding. The company is positioning its drug-free device as a novel alternative in the migraine treatment landscape, particularly valuable for patients seeking non-pharmaceutical options.

No information about company valuation, IPO plans, or acquisition events was available in the search results.

Sources: - Rehaler receives 19 million DKK from EU to advance innovative migraine treatment towards the market

• Migraine treatment company receives million-dollar infusion from EU
• 20 Best Hardware Startups in Copenhagen to Watch in 2025
• Migraine specialist Rehaler raises DKK 6.1m - NKP | M&A Insights
• Rehaler company information, funding & investors

3 The Press Releases

Rehaler ApS Advances Migraine Treatment with EIC Accelerator Funding Danish medtech company Rehaler ApS secured €2.56 million (19 million DKK) in combined grant and equity funding from the European Innovation Council (EIC) Accelerator in March 2023. The funding supports the development of its groundbreaking drug-free inhaler device for migraine treatment, which delivers precise CO₂/oxygen mixtures to alleviate symptoms.

Technology and Clinical Progress
The portable, 10-gram device emerged from a prototype validated in a pilot study at Aarhus University Hospital, with results published in Cephalalgia, the leading headache-research journal. Rehaler aims to address unmet needs for migraine patients dissatisfied with existing treatments, particularly those experiencing aura (affecting ~4% of the population).

The EIC funding will expand Rehaler’s pivotal clinical trial from 60 to 220 patients across European and U.S. sites, accelerate market preparation, upscale production, and grow its team. CEO Troels Johansen emphasized that this marks a critical step toward large-scale validation and commercialization.

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Sources

• Rehaler receives 19 million DKK from EU to advance innovative migraine treatment towards the market
• No additional press releases or blog posts from rehaler.com were identified in available sources.

Note: Publicly available data does not include recent partnerships, patents, or social media updates specific to Rehaler beyond June 2023.

4 The Technology Advancements

Rehaler ApS: Post-EIC Accelerator Funding Developments Rehaler ApS, a Danish medtech company specializing in migraine treatment, has advanced significantly since securing €2.78 million (19 million DKK) from the EU’s EIC Accelerator program in June 2023. The funding was awarded under the March 2023 call, with results published later that summer.

Key Advancements

• Clinical Trial Expansion: The company quadrupled its ongoing clinical trials, scaling a pivotal study from 60 to 220 patients across sites in Europe and the U.S.. This expansion aims to validate their drug-free inhaler device for migraine with aura.
• Technology Refinement: Rehaler’s inhaler precisely controls CO₂ and oxygen levels to inhibit migraines, building on a prototype validated in a peer-reviewed study at Aarhus University Hospital. While specific technical upgrades are not detailed post-funding, the trial enlargement suggests enhanced operational scalability.
• Market Preparation: Funds are allocated for regulatory compliance, production upscaling, and team growth.

Clinical Demonstrations
The device previously demonstrated efficacy in reducing migraine attacks during a pilot study published in Cephalalgia. The expanded trial represents their primary post-funding validation effort.

Intellectual Property and Publications
No new patents or peer-reviewed studies are explicitly mentioned post-June 2023. However, earlier results underscore its foundation as the first practical CO₂-based migraine treatment device.

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Sources

• Migraine treatment company receives million-dollar infusion from EU
• EIC Accelerator winners and statistics March 2023
• Rehaler receives 19 million DKK from EU

5 The Partnerships and Customers

Overview of Rehaler ApS

Rehaler ApS, a Denmark-based medtech company, has gained significant attention for its innovative migraine treatment technology. The company received substantial funding through the EU's EIC Accelerator program in March 2023, which included a capital infusion and grant of DKK 11 million and an additional DKK 8 million in equity investment, totaling DKK 19 million (approximately USD 2.78 million). This funding is pivotal for expanding its clinical trials and advancing its technology.

Partnerships and Collaborations

While specific new partnerships or customers are not detailed in the available information, Rehaler ApS's association with the EU's EIC Accelerator program highlights its strategic alignment with European innovation initiatives. There is no explicit mention of new partners or customers since the EIC Accelerator funding. However, such funding typically enhances a company's ability to engage with a broader network of medical technology stakeholders and potential collaborators.

Nature of New Relationships

The nature of new relationships for Rehaler ApS is likely focused on furthering its clinical research and development capabilities. With increased funding, the company can engage with more research institutions, hospitals, and other medtech companies to refine its migraine treatment technology. These relationships will be crucial for positioning Rehaler ApS as a leader in non-pharmacological migraine treatments.

Market Positioning

Receiving EIC Accelerator funding positions Rehaler ApS strongly in the market by demonstrating its potential for innovation and scalability. This recognition can attract additional investment and partnerships, further solidifying its market presence.

Technology Advancements and Scaling

The funding will enable Rehaler ApS to enhance its technology by expanding clinical trials and investing in research and development. This will help in refining the treatment's efficacy and safety, which are essential for technology advancements. Additionally, scaling up operations with increased resources will allow the company to reach more patients and expand its market reach more effectively.

Conclusion

Rehaler ApS's success with the EIC Accelerator funding marks a significant milestone in its journey to provide effective migraine treatments. While specific new partners or customers are not detailed, the company's enhanced capabilities and recognition in the medtech sector are poised to foster new collaborations and growth opportunities.

Sources

• Rehaler company information, funding & investors
• Migraine treatment company receives million-dollar infusion from EU
• Schedule 2 - Information on management positions
• ANNUAL REPORT - Cision

6 The Hiring and Company Growth

Rehaler ApS: Team Dynamics Post-EIC Accelerator Funding Rehaler ApS, a Danish company awarded EIC Accelerator funding in March 2023, shows limited publicly available data on specific hiring activities or team growth. However, insights from governance documents suggest strategic leadership appointments that could influence scaling efforts.

• Current Headcount: Not explicitly disclosed in available records.
• Team Growth: No direct figures reported post-funding, though board composition hints at governance stability.
• Key Positions: Martin Møller serves as Chair of Rehaler’s board and holds directorial roles at Immunovia and MM Advisory. His cross-industry expertise in biotech and diagnostics likely supports Rehaler’s strategic oversight during scaling phases.
• Management Changes: No recent changes to founding teams or executives are detailed, but the board includes experienced members like Møller, whose advisory roles across life sciences firms may signal a focus on commercial readiness.

The absence of public hiring announcements suggests Rehaler may prioritize lean operations or non-public recruitment strategies post-funding. Strategic board appointments align with typical scaling practices for EIC winners—leveraging seasoned leaders to navigate regulatory pathways and partnerships critical for market entry.

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Sources

• ANNUAL REPORT - Cision
• immunovia - Cision
• Saniona AB Prospectus

7 The Media Features and Publications

Overview of Rehaler ApS

Rehaler ApS, a Danish company, has gained recognition for its innovative drug-free migraine treatment. This treatment is developed by BalancAir, a company founded by Troels Johansen. Rehaler's product utilizes CO2 and oxygen to expand blood vessels, providing oxygen to the brain and interrupting migraine attacks.

Media Features and Publications

Rehaler has been featured in several media outlets and publications, primarily highlighting its drug-free migraine treatment and recent funding from the EU's EIC Accelerator program. One notable publication is MedWatch, which reported on Rehaler receiving DKK 19 million from the EU program to enhance its clinical trials.

Content from Publications

Publications have focused on Rehaler's innovative approach to treating migraines using natural molecules like CO2 and oxygen. The pilot study conducted by BalancAir showed significant pain relief effects in patients with migraine with aura, with an increasing success rate upon repeated use.

Podcasts or Interviews

There is no specific information available about podcasts or interviews featuring Rehaler's team. However, the company has a strong advisory board consisting of medical experts like Jessica Ailani and Stewart J. Tepper, indicating a potential for future interviews or discussions in medical forums.

Conference and Fair Visits

Rehaler has not been specifically mentioned in recent conferences or fairs. However, given its focus on medical technology and migraine treatment, it is likely the company participates in healthcare-related events to showcase its innovative device.

Event Involvement

Rehaler's involvement in events primarily revolves around its medical technology and research in migraine treatment. The company's participation is likely focused on showcasing its drug-free treatment methods and engaging with the medical community to further develop its product.

Funding and Recognition

Rehaler received significant funding from the EU's EIC Accelerator program in March 2023, totaling DKK 19 million. This funding has enabled the company to expand its clinical trials and further develop its migraine treatment technology.

Sources: - Rehaler Company Information

• Migraine Treatment Company Receives Million-Dollar Infusion
• About Rehaler
• Pilot Study: Migraine Can Be Treated Without Medicine