Saluda Medical – a global medical device company transforming the field of neuromodulation with an emerging portfolio of therapies driven by advanced closed-loop technologies designed to treat debilitating neurological disorders – announced the closing of a $150 million equity financing round led by new investor Wellington Management with strong support from current investor Fidelity Management & Research Company and new investor TPG. Current investors Redmile Group, LLC, Action Potential Venture Capital, and funds and accounts advised by T. Rowe Price Associates also participated.
The net proceeds from the financing will be used to advance the commercial release of the Evoke Spinal Cord Simulation (SCS) System while helping to further advance the company’s mission and technology platform.
The company had also announced that it has redomiciled as Saluda Medical. Saluda’s first FDA indication is in chronic pain, which is a debilitating condition that affects quality of life and drives patients to opioid use.
Studies have shown that more than 19 million Americans have chronic pain that limits their ability to work. And even though spinal cord stimulation has been used as a treatment option for chronic pain since 1967, Evoke is known as the first system designed to automatically self-adjust with millisecond precision to optimize therapy based on a patient’s unique spinal cord activation.
KEY QUOTE:
“We are very excited to add two elite healthcare investors to our shareholder base while existing investors continue to support our mission to transform patients’ lives with neural sensing technology and revolutionize the field of neuromodulation. With this financing, which follows the recent presentation of our 36-month data, the decision by CMS to grant Evoke TPT payment, and our initial limited commercial release, we are more prepared than ever to fundamentally transform the neuromodulation space with our clinically proven, technologically unrivaled platform.”
– Jim Schuermann, President and CEO of Saluda Medical
