Saluda Medical’s Spinal Cord Stimulation System Latest Investment For Biomedical Translation Fund

Published: Sep 11, 2017

Melbourne, Australia 11 September, 2017 – BioScience Managers, one of Australia’s leading life sciences investment firms, has selected a revolutionary spinal cord stimulation system as its latest investment for the BioScience Managers Translation Fund.

“Saluda’s Evoke spinal cord stimulation system shows incredible promise in treating chronic back pain and other conditions, intelligently adjusting electrical stimulation to the spinal cord to match each individual patient’s needs in real time,’’ said BioScience Managers’ managing director, Jeremy Curnock Cook.

“This latest round of funding for Saluda Medical will allow the company to continue its pivotal US randomized, double blind clinical trial in 11 sites which will provide a pathway to allow the company to commercialise the Evoke system not only in the US but also in Europe and Australia.’’

Mr Curnock Cook said BioScience Managers was delighted to invest in Saluda Medical’s unique Evoke neuromodulation system.

“Treating chronic back pain is a very large and serious medical issue around the world and the clinical tests investigating Saluda’s Evoke mark the first time that an intelligent, closed loop system has been tried as a treatment option,’’ said Mr Curnock Cook.

The $3.3 million investment in Saluda Medical is part of a $53 million funding round for the private company led by major bioelectronics firm Action Potential Venture Capital.

Other existing Saluda Medical investors have also taken part in the funding round.

“Action Potential are one of the leading investors in pioneering bioelectronics medicines and were set up by global pharmaceutical giant Glaxo Smith Kline (GSK),’’ said Mr Curnock Cook.

“Like us they were impressed by the progress Saluda Medical has made in building a platform technology that could be used to treat many different conditions.’’

BioScience Managers was one of three fund managers chosen to invest on behalf of the $500 million Biomedical Translation Fund (BTF) set up by Australia’s Federal Government.

Of that total BioScience Managers is responsible for investing $100 million through the BioScience Managers Biomedical Translation Fund, half coming from the Federal Government BTF and the other half of which was raised privately.

POTENTIAL FOR HIGH NET RETURNS

Chief investment officer with BioScience Managers, Matt McNamara, said the investment in Saluda Medical was consistent with the fund manager’s approach of collaborating with management and taking a relatively large stake in a smaller number of investments.

“We always like to see investments that can offer a new treatment to meet a significant unmet need and a drug free approach to treating chronic pain and other debilitating conditions is certainly a very worthy goal,’’ said Mr McNamara.

“We also like to see a clear path to commercialisation and Saluda Medical’s clinical testing program in the US and its pursuit of a CE mark in Europe and TGA approval in Australia is clear evidence of that.’’

Mr McNamara said BioScience Managers would continue its approach of investing in companies that it could add significant value to and which had the potential for high net returns.

“The medical device market is truly global and this is where investors such as Action Potential and ourselves can add value by helping investee companies through the commercialisation process,’’ he said.

About BioScience Managers:

BioScience Managers Pty Ltd is a leading healthcare investment specialist founded in 2003, with the assistance of VicStart. It invests in a portfolio of biomedical companies which have clear technological and market advantages in which it can influence success and is confident of managing an exit. Past funds have averaged a net annual internal rate of return above 20 per cent. Jeremy Curnock Cook is an industry veteran with more than 35 years of experience in healthcare investing

Media Contact:
Monsoon Communications
Sarah Kemter
Investor Relations / PR
Phone: +61 3 9620 3333
sarahk@monsoon.com.au

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