Australia's Saluda Medical secures $40m round
Action Potential Venture Capital (APVC), an investment arm of British pharmaceutical company GlaxoSmithKline, has led a A$53 million ($40 million) all-equity Series D round for Australia’s Saluda Medical.
Existing backers, including Ireland-based devices supplier Medtronic, also participated in the round. Previous investment in the company has come from New South Wales Medical Devices Fund and Biosciences Managers, which led a $10 million round in 2015.
Saluda, a spin-out of Australian research center NICTA, claims to be developing a first-of-its-kind spinal cord stimulator system (SCS) that facilitates tailored pain relief therapies in real time. The new capital will support trialing work in the US as well commercialization of the company’s flagship SCS product, Evoke, in Europe and Australia.
“Saluda has developed the first therapeutic device that is designed to both constantly read and modulate signals on the spinal cord to treat chronic pain," Juan-Pablo Mas, a partner at APVC, said in a statement. "We are encouraged by the international clinical results to date, and believe Saluda's technology can potentially provide various clinical benefits to patients.”
Launched in 2013, APVC targets companies developing bioelectronic medicines and their enabling technologies, globally. It invested in seven companies prior to the Saluda deal with a focus on progressing neurostimulation devices and methods.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.