Proceeds will accelerate commercial growth and expand clinical and health-economic evidence for the innovative Nalu neurostimulation system featuring the revolutionary micro-IPG.
Nalu Medical secures $65 Million Equity Financing. (Credit: Pete Linforth from Pixabay)
Nalu Medical Inc. (Nalu), a private company focused on innovative, minimally invasive, and non-opioid solutions for chronic neuropathic pain, announced today the closing of a $65 million equity financing. The round was led by a new investor, Novo Holdings (Novo). Also participating in the round were all of the Nalu existing significant investors: Gilde Healthcare, MVM Partners, Endeavor Vision, Decheng Capital, Longitude Capital, Advent Life Sciences, Pura Vida, and Aperture Venture Partners. The proceeds from this financing will be used to accelerate commercial growth, expand clinical and health-economic evidence, continue product development, and scale operations.
“The Nalu Team is excited about meaningfully expanding and improving the treatment options in the peripheral nerve pain space by setting a new standard of care while also offering a disruptive, minimally invasive, solution in the established spinal cord stimulation market,” said Tom West, President, and CEO of Nalu. “We continue to invest in building clinical data to expand access for patients who often don’t have other therapeutic options. We are proud that our efforts serve the greater well-being of patients who suffer from chronic pain and benefit those that care for them.”
“The differentiated Nalu neurostimulation product has the potential to benefit millions of patients suffering from chronic neuropathic pain,” said Eric Snyder, partner in the Venture Investments team at Novo Holdings. “We are impressed with their growing body of clinical evidence demonstrating meaningful clinical results in both the emerging market for peripheral nerve stimulation (PNS) and in the established market of spinal cord stimulation (SCS). We are delighted to support the strong management team at Nalu in this period of rapid commercial growth.”
“Nalu has made tremendous strides commercially and clinically in the past two years. Novo’s investment in Nalu reflects that progress and the confidence they share in the strong commercial potential for Nalu,” observed Geoff Pardo of Gilde Healthcare and Chairman of the Nalu Board.
Source: Company Press Release