Saluda Medical Announces $125M Equity Financing Led by Redmile Group LLC and New Investors Fidelity Management & Research Company LLC and T. Rowe Price Associates, Inc.
Financing to support commercialization, research and clinical development of company's proprietary neuromodulation portfolio
ARTARMON, Australia, March 2, 2022 /PRNewswire/ -- Saluda Medical Pty Limited ("Saluda Medical"), a global medical device company revolutionizing the field of neuromodulation with an emerging portfolio of therapies driven by advanced closed-loop technologies designed to treat debilitating neurological disorders, earlier this quarter finalized US $125 million in equity financing, 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 operationalize and scale commercialization 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.
"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," said Jim Schuermann, President and CEO of Saluda Medical. "The full impact of our innovation can only be realized 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 has pioneered innovations designed to read, record, and respond to nerves during stimulation and over the last decade has advanced the technology to enable dosing that can be titrated at the microsecond level to maintain and optimize consistent therapy for patients. The Company executed the first double-blind pivotal randomized controlled trial (RCT) in the history of 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 is the only spinal cord stimulation therapy to have the pivotal study results published in premier clinical neurology journals The Lancet Neurology and JAMA Neurology.
Chronic pain affects more than 540 million people globally. Although spinal cord stimulation has been used as a treatment option for chronic pain since 1967, Evoke is the first system designed to automatically self-adjust with microsecond precision to optimize therapy based on a patient's unique spinal cord activity.
About Saluda Medical
Saluda Medical is a global company on a mission to revolutionize the field of neuromodulation with an emerging portfolio of therapies driven by advanced closed-loop technologies designed to treat debilitating neurological disorders. The Company's first product, Evoke®, is the only ECAP-controlled closed-loop spinal cord stimulation (SCS) system designed to treat chronic pain, a condition that affects more than 540 million people globally, by instantaneously reading, recording, and responding to the nerves' response to stimulation to provide continually optimized therapy. Evoke is an investigational device in the United States and is limited by federal law to investigational use. It is not available for sale in the United States and will not be available for sale until it is approved by the FDA. SCS is designed to treat chronic pain by stimulating the spinal cord and altering the transmission of pain signals to the brain. To learn more, visit www.saludamedical.com.
SOURCE Saluda Medical
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