Saluda Medical announced it closed a $100 million financing to support its novel closed-loop, dose-control neuromodulation platform. Existing investor Redmile Group led the financing round. Other 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 participated as well. New investor Piper Heartland Healthcare Capital joined in the round as well.
Minneapolis-based Saluda plans to use proceeds to advance the commercialization of its Evoke neuromodulation system. Evoke is the first commercial application of the company’s proprietary neuromodulation platform. The spinal cord stimulation (SCS) platform treats chronic pain.
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Evoke senses and measures neural responses to stimulation and automatically adjusts therapy. This helps to achieve and continuously maintain a targeted level of neural activation. That ensures that therapy remains at the patient-specific, prescribed level of neural activation to provide more consistent, effective outcomes.
The Evoke system, which has MRI labeling as well, offers physiologic SCS to treat chronic, intractable pain of the trunk and/or limbs. That includes unilateral or bilateral pain associated with failed back surgery syndrome, intractable low back pain, and leg pain. Evoke automatically reads, records and responds to stimulation responses more than 4 million times per day.
