This week, three companies developing novel neuromodulation technologies for use in the treatment of various neurological disorders have each separately announced the receipt of significant financing rounds intended to boost their respective brain stimulation therapies.
Saluda Medical has announced the closing of a US$150 million equity financing round led by new investor Wellington Management, with strong support from current investor Fidelity Management & Research Company and new investor TPG. Current investors Redmile Group LLC, Action Potential Venture Capital, and funds and accounts advised by T Rowe Price Associates Inc, also participated.
Net proceeds from the financing will be used to advance the commercial release of the Evoke spinal cord stimulation (SCS) system, while also helping to further advance the company’s mission and technology platform, according to a Saluda press release. In addition, the company announced that it has redomiciled as ‘Saluda Medical Inc, a Delaware company’.
Neuromod Devices has also announced the successful closing of a €30 million financing to further commercialise its tinnitus treatment device, Lenire. Proceeds from the financing will be used to launch Lenire in the USA following the device’s recent US Food and Drug Administration (FDA) de novo approval, as well as expanding its availability to additional European countries, including Italy, the Netherlands, Portugal, and Sweden.
As part of the overall financing, a €15 million expansion of the Series B was led by Panakès Partners with participation from existing investor Fountain Healthcare Partners. An additional €15 million in venture debt was provided by the European Investment Bank, according to a Neuromod press release.
Elsewhere, Neuvotion has announced that it has received an additional US$1.25 million in funding, bringing its cumulative funding to more than US$2.75 million. Northwell Holdings—the venture investment arm of Northwell Health—Topspin Fund, and Long Island Angel Network, also participated in the round.
The company says this funding will be used to further expand its team, complete clinical studies, and obtain US FDA clearance for its initial product, NeuStim technology, which combines targeted neurostimulation and artificial intelligence (AI), and is designed to facilitate and restore movement in patients experiencing impairment from stroke, traumatic injury and other conditions.