Biomedical technology firm SetPoint Medical has secured $30m of funding to further advance the clinical development of its bioelectronic therapy for chronic, debilitating inflammatory diseases.
The company's existing investors such as NEA, Morgenthaler, Medtronic, Boston Scientific, Topspin and Action Potential Venture Capital have been participated in the series D round.
SetPoint is engaged in the development of a novel bioelectronic medicine platform by using a small implanted device.
The device is set to activate the body’s natural inflammatory reflex and produce a systemic anti-inflammatory effect.
SetPoint said that it intends to provide an alternative treatment for rheumatoid arthritis (RA) and other chronic inflammatory diseases with less risk and cost than drug therapy.
SetPoint Medical CEO Anthony Arnold said: “We are grateful for the strong support from our investors who are aligned with our vision to commercialize life-changing bioelectronic medicines for patients with debilitating inflammatory diseases.
“SetPoint has good momentum and this financing, which underscores the significant progress the company has made, provides the capital to bring bioelectronic technology one step closer to the clinic by enabling the next clinical trial in rheumatoid arthritis.”
SetPoint Medical chief medical officer David Chernoff said: “Rheumatoid arthritis patients and the physicians who treat them desperately need new treatment options for dealing with this debilitating disease.”
Image: SetPoint is developing novel bioelectronic medicine platform that stimulates vagus nerve to activate the body’s natural inflammatory reflex. Photo: courtesy of stockdevil / FreeDigitalPhotos.net.