Set Point Medical Lands $27 Million, Adding on New Big Name Investors
8/8/2013 7:03:29 AM
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SetPoint Medical Secures $27 Million Financing, Adding Action Potential Venture Capital/GSK, Boston Scientific and Covidien Ventures as New Investors
VALENCIA, Calif.--(BUSINESS WIRE)-- SetPoint Medical, a biomedical technology company developing neuromodulation therapies for inflammatory diseases, announced today that it has secured $27 million in financing from its current investors along with new investors Covidien Ventures, Action Potential Venture Capital Limited, the new GlaxoSmithKline (GSK) strategic venture capital fund for bioelectronic medicines and technologies, and Boston Scientific. The proceeds of the financing will be used to expand ongoing clinical development of the SetPoint bioelectronics therapy approach in rheumatoid arthritis and Crohn’s disease and advance development of the SetPoint proprietary neuromodulation platform.
“This strategic investment from three global leaders in healthcare technologies, including Boston Scientific, GlaxoSmithKline and Covidien, marks an important inflection point for SetPoint, supporting a novel approach that holds promise as a better way to treat inflammatory diseases,” said Anthony Arnold, chief executive officer of SetPoint Medical. “SetPoint’s therapy for inflammatory diseases is intended to benefit patients and caregivers by providing a more convenient and potentially safer alternative to drugs, while also significantly decreasing the cost for payers.”
SetPoint is developing a novel proprietary bioelectronic medicine platform to treat a variety of inflammation-mediated autoimmune diseases. In contrast to immunosuppressive drugs, this neuromodulation therapy uses an implantable pulse generator to stimulate the vagus nerve, activating the body’s natural Inflammatory Reflex to produce a systemic anti-inflammatory effect.
About SetPoint Medical
SetPoint Medical is a privately held biomedical technology company dedicated to treating patients with debilitating inflammatory diseases using proprietary implantable neuromodulation devices. SetPoint’s approach is intended to offer patients and providers an alternative approach for the treatment of RA and other chronic inflammatory diseases with less risk and cost than drug therapy.
SetPoint’s novel platform consists of an implantable miniature neuromodulation device, wireless charger and iPad prescription pad application. The system uses vagus nerve stimulation to activate the body’s natural Inflammatory Reflex, which produces a potent systemic anti-inflammatory effect. The company presented positive results from a first-in-human open-label proof-of-concept trial in rheumatoid arthritis at the American College of Rheumatology annual meeting in November 2012. The results confirmed extensive preclinical studies and showed clinical efficacy comparable to leading immunosuppressive drugs. SetPoint is headquartered in Valencia, Ca., and current investors in the company include Morgenthaler Ventures, Foundation Medical Partners, Topspin Partners, Covidien Ventures, Action Potential Venture Capital Limited, the GlaxoSmithKline (GSK) new strategic venture capital fund for bioelectronic medicines and technologies, and Boston Scientific. For more information, visit www.setpointmedical.com.
For SetPoint Medical:
Kathryn Morris, 845-635-9828
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