Saluda Medical Inc., an international manufacturer of medical devices with headquarters in Australia, has announced the completion of a $150 million equity financing round led by Wellington Management.
According to a statement from Saluda Medical, new investor TPG and existing investor Fidelity Management and Research Company both provided significant support for the round.
Redmile Group, LLC, Action Potential Venture Capital, as well as funds and accounts advised by T. Rowe Price Associates, Inc., were also present investors.
The Evoke Spinal Cord Simulation (SCS) System’s commercial release as well as the company’s technology platform will both be advanced thanks to the net proceeds from the financing, the statement claims.
“We are very excited to add two elite healthcare investors to our shareholder base while existing investors continue to support our mission to transform patients’ lives with neural sensing technology and revolutionize the field of neuromodulation”, said Jim Schuermann, President, and Chief Executive Officer of Saluda Medical.
“With this financing, which follows the recent presentation of our 36-month data, the decision by CMS to grant Evoke TPT payment, and our initial limited commercial release, we are more prepared than ever to fundamentally transform the neuromodulation space with our clinically proven, technologically unrivaled platform,” he added.
Saluda Medical also disclosed that it had changed its legal status to become Saluda Medical Inc., a Delaware corporation.
Saluda Medical is a multinational corporation that uses ground-breaking neural sensing technologies to transform patients’ lives and advance the neuromodulation industry.
