SetPoint Medical said Boston Scientific (NYSE:BSX) and Covidien (NYSE:COV) were among the participants in a $27 million funding round.
Valencia, Calif.-based SetPoint is developing a neuromodulation treatment for inflammatory conditions like rheumatoid arthritis and Crohn’s disease. Its device is designed to stimulate the vagus nerve to trigger the body’s anti-inflammatory response, according to a press release.
The round also marks the 1st investment for Glaxo’s new $50 million venture capital arm, which is pegged for bioelectronic medicines and technologies.
Action Potential Venture Capital also joined the round, according to the release; existing backers include Morgenthaler Ventures, Foundation Medical Partners and Topspin Partners.
"This strategic investment from 3 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," SetPoint CEO Anthony Arnold said in prepared remarks. "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."
