Nalu Medical, Inc., a Carlsbad, CA-based company focused on innovative and minimally invasive solutions for chronic neuropathic pain, closed a $104m equity financing.
The round was led by new investors MVM Partners and Gilde Healthcare with participation from Pura Vida Investments and Aperture Venture Partners, as well as existing investors, Advent Life Sciences, Decheng Capital, Endeavour Vision, and Longitude Capital. Hugo Harrod, a partner with MVM Partners, joined Nalu’s Board of Directors.
The company intends to use the proceeds for scaling commercial operations to accelerate growth, continued expansion of clinical evidence, and continuing product development, in addition to other general corporate purposes.
Led by Earl Fender, President and CEO, Nalu is a medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic neuropathic pain. The Nalu Neurostimulation System delivers electrical pulses to the nervous system to modulate pain signals to the brain.
The Nalu system consists of a fully-featured, battery-free, miniaturized implantable pulse generator (IPG) that is powered wirelessly by an externally worn Therapy Disc and controlled through a smartphone-based remote control app. The Nalu Neurostimulation System is currently FDA-cleared for Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications.
Spinal Cord Stimulation – The Nalu SCS system is indicated as the sole mitigating agent, or as an adjunct to other modes of therapy used in a multidisciplinary approach for chronic, intractable pain of the trunk and/or limbs, including unilateral or bilateral pain. The trial devices are solely used for trial stimulation (≤ 30 days) to determine efficacy before recommendation for a permanent (long term) device.
Peripheral Nerve Stimulation – The Nalu PNS system is indicated for pain management in adults who have severe intractable chronic pain of peripheral nerve origin, as the sole mitigating agent, or as an adjunct to other modes of therapy used in a multidisciplinary approach. The Nalu Neurostimulation System for PNS is not intended to treat pain in the craniofacial region. The trial devices are solely used for trial stimulation (≤ 30 days) to determine efficacy before recommendation for a permanent (long term) device.