Wellington leads $150m round for Australia's Saluda Medical
Wellington Management has led a USD 150m round for Saluda Medical, an Australian devices company focused on spinal cord stimulation. TPG also came in as a new investor.
They were supported by existing backers Fidelity Management & Research Company, Redmile Group, T. Rowe Price Associates, Action Potential Venture Capital, a unit of UK pharma giant GSK. It coincides with Saluda redomiciling as a Delaware company.
Fidelity, Redmile, and T. Rowe Price invested USD 125m in the company as recently as last year. This followed a USD 75m investment in 2019 from Redmile and Boston Scientific. Earlier investors include Australian healthcare VC firms Brandon Capital and Octa Phillip Bioscience Managers, as well as Medtronic and OneVentures, according to AVCJ Research.
Saluda’s core product, Evoke, is billed as the only smart spinal cord stimulation (SCS) system and is indicated as an aid in the management of chronic intractable pain of the trunk and limbs. This includes back pain and leg pain.
Evoke is said to instantaneously read, record, and respond to each patient’s neural signature to provide continually optimised therapy. Saluda said it is proven to be superior to open-loop SCS for the treatment of overall trunk and limb pain.
Recent traction includes a limited initial commercial release that is supported by industry reimbursement. Last November, Australia’s Centers for Medicare & Medicaid Services approved Evoke for a three-year scheme beginning January 2023 that pays hospitals and ambulatory surgical centres to use the technology.
The latest round will be used to accelerate the commercial rollout. “[W]e are more prepared than ever to fundamentally transform the neuromodulation space with our clinically proven, technologically unrivalled platform,” CEO Jim Schuermann said in a statement.
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