ARTARMON, Australia, June 28, 2019 /PRNewswire/ -- Saluda Medical Pty Limited ("Saluda Medical") today announced that it has secured $75 million in equity financing from Boston Scientific Corporation (NYSE: BSX) and Redmile Group LLC to fund the final stages of development through commercialization 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 commercialization," 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 U.S. 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."
Piper Jaffray acted as financial advisor to Saluda for the equity financing.
About Saluda Medical
Saluda Medical is a global medical device company focused on patient outcomes, science, and engineering to transform the neuromodulation industry with a platform of closed-loop technologies based on the evoked compound action potential (ECAP). Saluda's first device, Evoke®, is designed to be the first Closed-Loop Spinal Cord Stimulation (SCS) System. Evoke measures the spinal cord's response to stimulation (ECAP), adjusts on every pulse to optimize activation within the patient's therapeutic window, and is designed to maintain long-term results through ECAP control. It is currently under investigation through the first double-blinded, randomized, controlled U.S. pivotal study in SCS. Saluda is pursuing approval to market the Evoke system.