SetPoint said today it raised $15 million in an extension of its Series C round of equity financing and added GlaxoSmithKline (NYSE:GSK)’s Action Potential Venture Capital to its list of investors.
The funds from the round are slated to support clinical trials of the company’s bioelectronic therapy for treating rheumatoid arthritis and Crohn’s Disease and to help proceed towards eventual commercialization, the Valencia, Calif.-based company said.
“We are delighted by the strong investor interest in our Series C financing, which validates the unique potential of SetPoint’s platform. This new financing will allow us to continue efforts to apply bioelectronic therapy to create new treatment options for patients suffering from inflammatory disease,” CEO Anthony Arnold said in a press release.
SetPoint is developing a neuromodulation device designed to stimulate the vagus nerve to trigger the body’s anti-inflammatory response, according to the company.
“SetPoint’s progress to date has been impressive, with promising data showing the potential of bioelectronic medicine as a revolutionary new way to treat diseases without drugs, using the body’s own systems. We look forward to working with SetPoint to help fulfill this potential to deliver innovative treatments for rheumatoid arthritis, Crohn’s disease and other autoimmune and inflammatory diseases,” Action Potential venture capital partner Juan-Pablo Mas said in a prepared statement.
In August 2013, SetPoint said Boston Scientific (NYSE:BSX) and Covidien (NYSE:COV) were among the participants in a $27 million round of funding for the company.