Presidio Medical announced that it closed a $72 million Series C funding round to support its ultra-low frequency (ULF) neuromodulation platform.
Deerfield Management led the round along with existing investors Invus Opportunities and Action Potential Venture Capital. ShangBay Capital joined in the funding as well. David Neustaedter, venture partner at Deerfield, joined Presidio’s board in conjunction with the financing.
South San Francisco-based Presidio plans to use the proceeds to expand its team and scale manufacturing. The company also earmarked funds to support long-term pivotal clinical studies of its ULF spinal cord stimulation (SCS) system.
Presidio develops its technology to treat diseases of undesired neural activity with a first indication in the treatment of chronic pain. The company designed it for the inhibition of this activity with significant advances in hardware, computing and material sciences.
Early trials of the Presidio ULF therapy took place in more than 50 patients with chronic pain for 15 days each. They demonstrated “remarkable” early results, the company said in a news release. That included patients reporting greater than 90% pain relief on average.
“Presidio Medical is excited to partner with investors who see the potential to write the next major chapter in neuromodulation history by unlocking new indications and improving outcomes in existing segments,” said Michael Onuscheck, chair and CEO of Presidio Medical. “With this round of funding we will continue on our journey of bringing this innovative solution to market by partnering with leading clinical investigators to conduct large, long-term clinical studies to demonstrate the durability and potency of [ULF] neuromodulation.”
