Neuromodulation firm Saluda finalises $125m in equity financing

Saluda Medical, a medical device company in the field of neuromodulation with an emerging portfolio of therapies driven by closed-loop technologies to treat debilitating neurological disorders, earlier this quarter finalised $125 million in equity financing. 

This was led by existing investor Redmile Group LLC as well as new investors Fidelity Management & Research Company LLC, and funds and accounts advised by T. Rowe Price Associates, Inc.

Net proceeds from the financing will be used to operationalise and scale commercialisation of the Evoke Spinal Cord Simulation System (SCS) for chronic pain and to further advance the company’s technology platform across an emerging portfolio of transformational neuromodulation therapies.

Jim Schuermann, president and CEO of Saluda Medical, said: “We are thrilled to partner with this group of leading healthcare investors who share our vision of elevating the standard of care in neuromodulation fields with large unmet patient needs. The full impact of our innovation can only be realised by enabling more patients to be treated with our evidence-based technologies designed to improve long-term outcomes while reducing the burden of care, and we wish to thank our new and existing investors for their partnership in our journey to achieve this mission.”

Saluda’s innovations are designed to read, record, and respond to nerves during stimulation and over the last decade it has advanced the technology to enable dosing that can be titrated at the microsecond level to maintain and optimise consistent therapy for patients. The company executed a double-blind pivotal randomised controlled trial (RCT) in spinal cord stimulation (SCS) that showed nearly 9 out 10 patients experience long-term pain relief and clinically meaningful improvements in quality of life, performing activities of daily living, sleep, mood, and opioid reduction with zero explants due to loss of efficacy. Evoke has had study results published in clinical neurology journals The Lancet Neurology and JAMA Neurology.