Saluda Medical announces $125 million equity financing led by Redmile Group LLC and new investors Fidelity Management & Research Company LLC and T. Rowe Price Associates, Inc.

Funding to support the commercialization, research and clinical development of the company’s proprietary neuromodulation portfolio

ARTARMON, Australia, March 2, 2022 /PRNewswire/ — Saluda Medical Pty Limited (“Saluda Medical”), a global medical device company revolutionizing the field of neuromodulation with an emerging portfolio of therapies based on advanced closed-loop technologies designed to treat debilitating neurological disorders , was finalized earlier this quarter we $125 million in equity financing, led by existing investor Redmile Group LLC as well as new investors Fidelity Management & Research Company LLC, and funds and accounts advised by T. Rowe Price Associates, Inc.

(PRNewsfoto/Saluda Medical)

The net proceeds from the financing will be used to operationalize and expand the commercialization of Evoke® Spinal Cord Simulation System (SCS) for chronic pain and to advance the Company’s technology platform in an emerging portfolio of transformational neuromodulation therapies.

“We are thrilled to partner with this group of leading healthcare investors who share our vision to raise the standard of care in areas of neuromodulation with significant unmet patient needs” , said Jim Schuerman, President and CEO of Saluda Medical. “The full impact of our innovation can only be realized by enabling more patients to be treated with our evidence-based technologies designed to improve long-term outcomes while reducing the burden of care, and we would like to thank our new and existing investors for their partnership in our journey to accomplish this mission.

Saluda has pioneered innovations designed to read, record and respond to nerves during stimulation and over the past decade has advanced technology to enable dosing that can be titrated at the microsecond level to maintain and optimize consistent therapy for patients. The company has performed the first pivotal double-blind randomized controlled trial (RCT) in the history of spinal cord stimulation (SCS) which has shown that nearly 9 out of 10 patients experience long-term pain relief and clinically meaningful improvements in quality of life, performing activities of daily living, sleep, mood, and opioid reduction with zero explant due to loss of efficacy. Evoke is the only spinal cord stimulation therapy with pivotal study results published in leading clinical neurology journals The Lancet Neurology and JAMA Neurology.

Chronic pain affects more than 540 million people worldwide. Although spinal cord stimulation has been used as a treatment option for chronic pain since 1967, Evoke is the first system designed to automatically self-adjust with microsecond precision to optimize therapy based on the patient’s condition. unique activity of a patient’s spinal cord.

About Saluda Medical
Saluda Medical is a global company whose mission is to revolutionize the field of neuromodulation with an emerging portfolio of therapies based on advanced closed-loop technologies designed to treat debilitating neurological disorders. The company’s first product, Evoke®, is the only ECAP-controlled closed-loop spinal cord stimulation (SCS) system designed to treat chronic pain, a condition that affects more than 540 million people worldwide, by reading, recording and instantly responding to the nerve response to stimulation to provide continuously optimized therapy. Evoke is an experimental device in United States and is limited by federal law to experimental use. It is not available for sale in United States and will not be available for sale until cleared by the FDA. SCS is designed to treat chronic pain by stimulating the spinal cord and altering the transmission of pain signals to the brain. To learn more, visit www.saludamedical.com.

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SOURCE Saluda Medical

Carol M. Barragan