Runway's Flexible Growth Capital Will Aid In The Commercialization Of Nalu Medical's Neuromodulation Devices To Relieve Chronic Neuropathic Pain
WOODSIDE, Calif., Oct. 20, 2022 /PRNewswire/ -- Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan of $45 million to Nalu Medical, Inc. ("Nalu"), a privately held medical device company focused on innovative and minimally invasive solutions for chronic neuropathic pain.
The funding supports expanded commercial operations and clinical research as Nalu continues to drive accelerated growth in the Peripheral Nerve Stimulation ("PNS") and Spinal Cord Stimulation ("SCS") markets.
Nalu's proprietary neurostimulation system provides relief to patients suffering from chronic nerve pain through the delivery of electrical pulses, which moderates pain signals before they reach the brain. Nalu offers a differentially small, fully featured, implantable pulse generator ("IPG") allowing placement to support peripheral and spinal cord pain applications. For patients who have failed conventional treatment options, Nalu's implantable device provides pain relief without the need for opioids.
"We are grateful for the ability to partner with an innovative medical device company providing a much needed alternative to opioids to treat chronic pain," said Igor DaCruz, Managing Director, Life Sciences at Runway.
"Runway provided a flexible, long-term, financing solution that can grow as Nalu continues to evolve, giving us the confidence to pursue our mission with a trusted partner," explained Tom West, President and CEO at Nalu. "An infusion of minimally dilutive capital enables us to continue expanding the commercialization of our novel treatments to more patients in need. Addressing chronic intractable pain while reducing opioid dependency is no simple task, and it is empowering to have a committed financial partner in Runway to support us as we grow."
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth's filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Nalu Medical, Inc. is a Carlsbad, California-based medical device company focused on developing revolutionary technologies that deliver innovative and minimally invasive solutions for patients with chronic neuropathic pain. The Nalu neurostimulation system transmits gentle electrical pulses to the nervous system to modulate pain signals before they get to the brain. The system was designed to address major unmet needs in the treatment of chronic neuropathic pain and represents a transformative new opportunity for patients and physicians.
The Nalu neurostimulation system includes a fully-featured, battery-free, miniaturized implantable pulse generator (IPG) that is powered wirelessly by an externally worn Therapy Disc and controlled through a smartphone-based remote-control app. Despite its small size, the Nalu micro-IPG™ provides treatment capabilities similar to larger IPGs as well as unique advantages associated with advanced waveforms, extensive programming options, exceptional upgradability, and an expected service life of 18 years. The Nalu system is FDA-cleared for both Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications. It has been repeatedly recognized for its revolutionary technology, including designation as one of the world's top 100 new products by R&D Magazine in 2021. To learn more, visit www.nalumed.com.
SOURCE Runway Growth Capital LLC