Saluda Medical Announces Closing of $100 Million Financing

MINNEAPOLIS, Jan. 10, 2025 /PRNewswire/ -- Saluda Medical, Inc., a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using a novel closed-loop, dose-control neuromodulation platform, today announced the closing of a $100 million financing.

The financing was led by existing investor Redmile Group, with additional support from existing investors Wellington Management, TPG Life Sciences Innovation, Fidelity Management & Research Company, Action Potential Venture Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. New investor Piper Heartland Healthcare Capital also participated.

Net proceeds from the financing will be used primarily to advance the commercialization of the Evoke® System, the first commercial application of the Company's proprietary closed-loop, dose-control neuromodulation platform.

The Evoke® System is a physiologic closed-loop, dose-control spinal cord stimulation (SCS) system designed for chronic pain management. Chronic pain affects an estimated 20% of the world's population, including an estimated 67 million people in the United States alone. Although SCS is a well-established therapy for treating chronic pain, the Evoke® System is the first system designed to sense and measure neural responses to stimulation and automatically adjust therapy to achieve and continuously maintain a targeted level of neural activation. This ensures therapy remains at the patient-specific prescribed level of neural activation, providing more consistent and effective outcomes.

About Saluda Medical
Saluda Medical is a commercial-stage medical device company focused on developing treatments for chronic neurological conditions driven by a novel neuromodulation platform. The Company's closed-loop, dose-control platform is designed to sense and measure neural responses to stimulation and automatically adjust therapy based on real-time neurophysiological feedback. The Company's first product, the Evoke® System, is indicated as an aid in the management of chronic intractable pain of the trunk and/or limbs, including unilateral or bilateral pain associated with failed back surgery syndrome, intractable low back pain, and leg pain, and is designed to treat chronic neuropathic pain by providing spinal cord stimulation (SCS) therapy that senses and measures neural activation to optimize therapy and reduce patient and clinician burden. 12-month results from the EVOKE study, the first and only prospective, multi-center, parallel-arm, double-blind, randomized controlled pivotal study with a voluntary crossover arm in SCS, were published in The Lancet Neurology, 24-month results were published in JAMA Neurology, and 36-month data, demonstrating enduring and consistent pain relief results, were published in Regional Anesthesia and Pain Medicine. To learn more, including risks & important safety information, visit www.saludamedical.com/us/safety/.

Saluda and Evoke are registered trademarks owned by Saluda Medical Pty Ltd. 

Investor Contacts:  
Brian Johnston or Sam Bentzinger
brian@gilmartinir.com 
sam@gilmartinir.com

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SOURCE Saluda Medical