Stimdia Medical Announces the Closing of a Series B Equity Funding Round, the Proceeds of which Will Be Used to Complete the Company’s Pivotal Study
MINNEAPOLIS, July 14, 2022–(BUSINESS WIRE)–Stimdia Medical, Inc., an emerging leader in the development of neurostimulation technology to strengthen and condition the diaphragm in mechanically ventilated patients, announced the $16 million initial closing, representing the first tranche of a Series B offering totaling $30 million. Solas BioVentures led the funding round with additional funding from new strategic partners and existing investors, including Draper Triangle Ventures.
“Stimdia Medical’s unique neurostimulation technology offers the potential benefits of improving clinical outcomes while reducing the cost of care for mechanically ventilated patients,” said David Adair, MD, MBA, co-founder and CEO of Solas BioVentures. “We are delighted to contribute to this round of funding and support the clinical trial that will provide evidence of the safety and efficacy of this important therapy.
“This funding provides us with the resources to support the initiation and completion of our pivotal study planned by the FDA which will focus on demonstrating how our technology can strengthen the diaphragm, allowing patients to be released more quickly from mechanical ventilation,” said Tim Miller, President and CEO of Stimdia Medical. “We appreciate the trust our funding partners place in our company and its technology, and we look forward to expanding the evidence supporting the clinical and economic value of our technology.” »
Added Jim Bullock, co-founder of Stimdia Medical, chairman of the board and medical device veteran; “This technology is the most intuitive therapy I have had the opportunity to participate in. By applying neurostimulation, we are able to strengthen the main muscle used to support independent breathing.”
Stimdia Medical’s technology evolved from an early collaboration with the University of Minnesota, which provided institutional knowledge and funding as part of the company’s seed investment. Stimdia Medical has since completed its first clinical study in humans, the results of which have been published in Intensive care medicinethe first peer-reviewed scientific journal in critical care medicine.
About Stimdia Medical
Stimdia Medical, Inc., headquartered in Minneapolis, Minnesota, developed the pdSTIM System to facilitate weaning for patients with ventilator-induced diaphragmatic dysfunction (VIDD). The pdSTIM System is currently for experimental use only and is not for sale in any country.
For more information, visit www.stimdia.com.
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Chief executive officer
Stimdia Medical, Inc.