Saluda Medical, a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using a novel closed-loop, dose-control neuromodulation platform, today announced the closing of a $100m financing.
The financing 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, Inc. New investor Piper Heartland Healthcare Capital also participated.
Net proceeds from the financing will be used primarily to advance the commercialization of the Evoke System, the first commercial application of the Company’s proprietary closed-loop, dose-control neuromodulation platform.
The Evoke System is a physiologic closed-loop, dose-control spinal cord stimulation (SCS) system designed for chronic pain management. Chronic pain affects an estimated 20% of the world’s population, including an estimated 67 million people in the United States alone.
Although 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. This ensures therapy remains at the patient-specific prescribed level of neural activation, providing more consistent and effective outcomes.
