Medtronic increases stake in Saluda Medical

Saluda Medical said it raised nearly $40 million (A$53 million) for the Evoke closed-loop neuromodulation device it’s developing to treat axial back pain.

The round was led by a new investor, GlaxoSmithKline‘s (NYSE:GSK) Action Potential Venture Capital, joined by existing backer Medtronic (NYSE:MDT), Artarmon, Australia- and Bloomington, Minn.-based Saluda said.

The Evoke spinal cord stimulator is designed to tailor its therapy to each patient’s “neural fingerprint,” the company said, citing a 32-patient clinical study showing an average sustained improvement of 80% relief at 6 months and clinically meaningful improvements in function, disability and sleep.

Saluda said it plans to use the proceeds to back a U.S. pivotal trial and commercialize Evoke in Australia and the European Union.

“Action Potential Venture Capital shares our vision and enthusiasm for bringing innovative neuromodulation devices to market, and we welcome them at this critical time for Saluda Medical as we make progress toward our regulatory and commercial milestones,” CEO John Parker said in prepared remarks. “With support from our engaged investors, we remain committed to developing new approaches to bring relief to patients suffering from chronic pain and other disorders that may be treated with our technology.”

“Saluda Medical is advancing and expanding the field of bioelectronic medicines. Saluda has developed the first therapeutic device that is designed to both constantly read and modulate signals on the spinal cord to treat chronic pain,” added APCV partner Juan-Pablo Mas. “We are encouraged by the international clinical results to date, and believe Saluda’s technology can potentially provide various clinical benefits to patients. We are very pleased to have Saluda among our portfolio of innovative bioelectronic companies.”

($1 = A$1.34221)

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