Saluda Medical said today that it took out a four-year term loan from Medtronic (NYSE:MDT) for an unspecified amount, marking the medtech titan’s third investment in the spinal cord stimulation device maker.
In May 2017, Australia- and Bloomington, Minn.-based Saluda raised nearly $40 million for the Evoke closed-loop neuromodulation device it’s developing to treat axial back pain. That round was led by a GlaxoSmithKline (NYSE:GSK) venture shop, joined by existing backer Medtronic. Evoke is designed to tailor its therapy to each patient’s “neural fingerprint.”
“We are pleased to once again partner with Medtronic in this financing,” CEO John Parker said in prepared remarks. “This funding provides us with the financial flexibility to accelerate further development of our novel closed-loop SCS system and prepare for commercialization. Unlike cardiac pacing technology, where measurement and response technology has driven breakthroughs in clinical outcomes and patient management, technology in the field of SCS is still in its infancy. Energy is still being delivered into the spinal cord without measuring the actual physiologic response to stimulation. Using objective physiologic response data, the Evoke system has been developed to realize substantial improvements in pain, function, sleep, and quality of life. We are passionate about bringing ECAP-controlled, closed-loop technology to the field of pain management to develop mechanistic-based therapies for patients.”
Earlier this month Saluda released data from two Evoke studies, including three-month results from a U.S. pivotal study that met all endpoints.
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