Saluda Medical announced that it has secured £59m in equity financing from Boston Scientific Corporation and Redmile Group to fund the final stages of development of its Evoke ECAP-Controlled, Closed-Loop Spinal Cord Stimulation (SCS) System.
Closed-loop neuromodulation technologies provider said that its Evoke ECAP-Controlled, Closed-Loop SCS System is used for the treatment of chronic intractable pain of the trunk and limbs.
In addition, it has designed Evoke to be the first closed-loop SCS system that measures the spinal cord’s response to stimulation and adjusts on every pulse to maintain activation within the patient’s therapeutic window.
Saluda Medical CEO John Parker said: “This equity financing in combination with our recent debt transaction strategically positions us to fund the final developmental stages of the Evoke SCS System through global commercialization.
“Evoke has the potential to be the first closed-loop spinal cord stimulation system introduced to the market-which we believe has immense potential for radically improving the way pain is treated. The U.S. pivotal clinical study met all of its pre-specified endpoints, including significant evidence of pain relief.”
The latest funding raising by Saluda also saw participation from Boston Scientific, Redmile and one other financial institution. Piper Jaffray served as financial advisor to Saluda for the equity financing.
Parker added: “This supports the design of the product, which has the ability to objectively measure in real-time the neurophysiological aspects related to the spinal cord’s response to stimulation.”
The company has designed Evoke to maintain long-term results through ECAP control. Currently, it is under investigation through the first double-blinded, randomized, controlled U.S. pivotal study in SCS.
In May 2017, Saluda secured £30m in an all-equity financing round led by Action Potential Venture Capital (APVC), a GSK fund that invests in companies developing bioelectronic medicines.
The financing was secured to support the development of the first intelligent Evoke SCS System, designed to use the patient’s own neural fingerprint to monitor and adapt the dose of electrical stimulation automatically and tailor the therapy to meet each individual patient’s needs in real-time.
With headquarters in Artarmon, New South Wales, Australia, Saluda Medical is a privately-held company and has offices in Bloomington, MN, US and Harrogate, UK.