Saluda Medical Inc., an Australian med-tech manufacturer with its U.S. headquarters in Bloomington, has raised $150 million from U.S. investors to support the launch of a device that treats chronic pain by stimulating the spinal cord with electricity.
Saluda announced Thursday that the funding round was supported by previous investors as well as the two new investors, Wellington Management Co. and TPG, both based in Boston.
Wellington Management was the leader in the round and was followed by Saluda's current investors: Fidelity Management & Research Company, Redmile Group, Action Potential Venture Capital and funds and accounts advised by T. Rowe Price Associates, Inc.
"We are very excited to add two elite healthcare investors to our shareholder base while existing investors continue to support our mission,” Saluda CEO Jim Schuermann said in a statement.
Neurostimulation as a treatment of pain or other ailments is already in use by med-tech firms such as Medtronic. Saluda's device aims to distinguish itself from competing products by acting as a closed-loop system, adjusting the amount of electricity it delivers based on how a patient's neural tissue responds to stimulation. Other devices require that a patient manually adjust stimulation levels.
In 2017, Saluda received a $40 million round of funding joined by med-tech giant Medtronic. It raised another $125 million last year.
It overhauled its office in Bloomington in 2019, saying that it was planning to double its workforce at the 10,000 square-foot building.
