APVC Leads Saluda Medical's $40 Million Series D Round of Financing

On May 29, 2017, Saluda Medical, a medical device company developing a platform of closed-loop neuromodulation technologies based on neural response to stimulation, announced that it has raised $40 million in an all-equity Series D round of financing led by new investor Action Potential Venture Capital (APVC), a GSK fund that invests in companies developing bioelectronic medicines. Existing investors, including Medtronic, also participated in the round. WSGR advised APVC in the transaction.

Saluda Medical is developing the first intelligent Evoke Spinal Cord Stimulator (SCS) System, which is designed to use a patient's own neural fingerprint to monitor and adapt the dose of electrical stimulation automatically and tailor the therapy to meet each individual patient's needs in real-time. According to a press release, the latest round of funding will support the current U.S. pivotal randomized, double-blinded clinical trial now enrolling patients at 11 sites across the country. The financing will also allow Saluda Medical to commercialize the Evoke SCS therapy in Europe and Australia.

The WSGR team advising APVC in the transaction includes partner Dan Koeppen and associate Meg Burton.

For more information, please see Saluda Medical's press release.