SetPoint Medical, a Valencia, CA-based clinical-stage healthcare company dedicated to patients with chronic autoimmune diseases, raised $80M in funding.
The round was led by Norwest Venture Partners and Viking Global Investors with participation from Gilmartin Capital, New Enterprise Associates (NEA), Action Potential Venture Capital, Boston Scientific, Topspin Fund, Euclidean Capital, Morgenthaler Ventures, Richard King Mellon Foundation, ShangBay Capital, Ascendum Capital, Catalio Capital Management, Midas Capital, Citta Capital, and SVE Capital. Zack Scott, M.D., General Partner at Norwest, has joined SetPoint’s board of directors in conjunction with this financing.
The company intends to use the funds to complete its ongoing RESET-RA trial and subsequent U.S. Food and Drug Administration (FDA) regulatory submissions and early commercialization for the rheumatoid arthritis indication.
Led by Murthy V. Simhambhatla, Ph.D., President and CEO, SetPoint Medical is advancing a novel platform designed to stimulate the vagus nerve to activate the inflammatory reflex to produce a systemic immune-restorative effect. Its platform technology is designed to offer patients and providers a treatment alternative for rheumatoid arthritis, inflammatory bowel disease and other chronic autoimmune conditions with potentially less risk and cost than drug therapy.
The SetPoint system has been granted FDA Breakthrough Device Designation for patients with rheumatoid arthritis who have incomplete response to, or are intolerant to, multiple biologic drugs. The system consists of a miniaturized stimulation device that is placed on the vagus nerve through a small incision on the left side of the neck in an outpatient procedure. Once surgically placed, the device is programmed to automatically deliver therapy on a preset schedule.