Saluda Medical Pty Limited, an Artamon, Australia-based medical device company developing a platform of closed-loop neuromodulation technologies based on neural response to stimulation, secured AU$53M (USD$40M) in an all-equity financing round.
The round was led by new investor Action Potential Venture Capital (APVC), a GSK fund that invests in companies developing bioelectronic medicines, with participation from existing investors Medtronic PLC.
The company will use the funds to conduct the pivotal randomized controlled study now enrolling patients at 11 sites across the country and global commercialization of Evoke™ in Europe and Australia.
Led by Chief Executive Officer John Parker, Saluda Medical is developing an intelligent Evoke Spinal Cord Stimulator (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. The system is an investigational device and is limited by US Federal law to investigational use only.
Saluda Medical has offices in Bloomington, MN, USA and Harrogate, UK.