SecondWave Systems, a clinical-stage medical device company developing a novel ultrasound-based treatment for inflammatory disorders, announced that it has closed a $7 million Series A financing round. The funding was led by Treo Ventures, a major healthcare strategic investor, with participation from Scientific Health Development and the University of Minnesota’s Discovery Capital and SSBCI funds.
The proceeds from the funding will support SecondWave’s next clinical study, which will utilize the success of their first-in-human study, which demonstrated a significant reduction in rheumatoid arthritis disease activity.
This new funding builds on prior funding from U.S. government partners, including the Defense Advanced Research Projects Agency (DARPA) and the Advanced Research Projects Agency for Health (ARPA-H), which supported prior research and the development of the SecondWave MINI, a first-of-its-kind, noninvasive, wearable therapeutic ultrasound device intended for treatment of inflammatory diseases.
KEY QUOTES:
“As we work to develop and commercialize the SecondWave MINI as a new class of noninvasive therapy, we are very excited to enter the next phase of development with a strong set of new investor partners. Our team at SecondWave is dedicated to improving patient quality of life for millions of Americans who suffer from chronic inflammatory disorders.”
- SecondWave CEO Anuj Bhardwaj
“We are enthusiastic to partner with SecondWave’s experienced team to advance a novel and highly differentiated therapy that will positively impact the lives of countless patients while reducing the cost of care.”
- Mudit K. Jain, PhD, General Partner, Treo Ventures
“As one of the early innovators demonstrating how implanted vagus nerve stimulation can treat rheumatoid arthritis, I am excited by the potential for widespread adoption of SecondWave’s novel approach of using noninvasive ultrasound therapy to treat immune-mediated inflammatory conditions.”
- SecondWave advisory board member Paul Peter Tak, MD, PhD, a biotech leader and physician-scientist who was pivotal in elucidating the role of bioelectronic medicine as a therapeutic approach for autoimmune diseases
