Following the announcement of the debt financing with Medtronic, Saluda Medical has announced that it has secured US$75 million in equity financing from Boston Scientific and Redmile Group. The latter investment is set to fund the final stages of development through commercialisation of its Evoke ECAP-controlled, closed-loop spinal cord stimulation (SCS) system for the treatment of chronic intractable pain of the trunk and limbs.
Evoke is designed to be the first closed-loop SCS system that measures the spinal cord’s response to stimulation (via ECAPs, or evoked compound action potentials) and adjusts on every pulse to maintain activation within the patient’s therapeutic window. Boston Scientific, Redmile and one other financial institution participated in the capital raise.
“This equity financing in combination with our recent debt transaction strategically positions us to fund the final developmental stages of the Evoke SCS system through global commercialisation,” said John Parker, CEO of Saluda Medical. “Evoke has the potential to be the first closed-loop spinal cord stimulation system introduced to the market—which we believe has immense potential for radically improving the way pain is treated. The US pivotal clinical study met all of its pre-specified endpoints, including significant evidence of pain relief. This supports the design of the product, which has the ability to objectively measure in real-time the neurophysiological aspects related to the spinal cord’s response to stimulation.”
According to a recent press release, Piper Jaffray acted as financial advisor to Saluda for the equity financing.
