Valencia Technologies received a strategic investment totaling up to $35 million and appointed a new CEO. The neuromodulation company focused on treating urinary incontinence named James D. Surek as its new CEO. Valencia plans to leverage its new capital and Surek’s commercial leadership experience to fuel the growth of its eCoin system.
eCoin, a coin-sized neurostimulator, is implanted under the skin near the ankle. The implant takes place in a minimally invasive, outpatient procedure utilizing local anesthetic. eCoin automatically delivers periodic stimulation to the tibial nerve twice weekly to reduce episodes of urge urinary incontinence (UUI).
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Unlike other stimulation devices, the system streamlines the post-implant experience, according to a news release. Most patients require just one post-implant programming session. It eliminates the need for weekly recharging or patient programmers.
Surek previously played a role in the commercial success of five medical device companies that executed successful M&A exits. He built and led multiple commercial teams, notably serving on the executive team at neuromodulation company Advanced Bionics. Boston Scientific acquired Advanced Bionics in 2004. Surek also led the sales organization at Entellus Medical, which Stryker acquired in 2018.
Valencia expects Surek to accelerate commercial adoption for eCoin and position the company for its next stage of growth.
“I am excited to return to the neuromodulation space,” said Surek. “Many physicians and patients have already experienced the benefits of Valencia’s game-changing technology. We are looking forward to expanding our footprint in the market to bring our solution to those who want or require another option.”
Brooks Advisory Group, a BMG affiliate, funded the company’s $35 million round. BMG also intends to provide consulting services for Valencia and eCoin.
