Saluda Medical – a commercial-stage medical device company focused on developing treatments for chronic neurological conditions utilizing a novel closed-loop and dose-control neuromodulation platform – announced the closing of a $100 million financing. And the funding was led by existing investor Redmile Group, with additional support from existing investors Wellington Management, TPG Life Sciences Innovation, Fidelity Management & Research Company, Action Potential Venture Capital, and funds and accounts advised by T. Rowe Price Associates. New investor Piper Heartland Healthcare Capital also joined.
The net proceeds from the funding will be used primarily to advance the commercialization of the Evoke System, the first commercial application of the Company’s proprietary closed-loop and dose-control neuromodulation platform.
The Evoke System is a physiologic closed-loop, dose-control spinal cord stimulation (SCS) system designed for chronic pain management. And chronic pain affects an estimated 20% of the world’s population, including an estimated 67 million people in the United States alone.
Even though SCS is a well-established therapy for treating chronic pain, the Evoke System is the first system designed to sense and measure neural responses to stimulation and automatically adjust therapy to achieve and continuously maintain a targeted level of neural activation. And this ensures therapy remains at the patient-specific prescribed level of neural activation, providing more consistent and effective outcomes.
