SetPoint Medical, a biomedical technology company developing neuromodulation therapies for inflammatory diseases, announced today that it has secured $27 million in financing from its current investors along with new investors Covidien Ventures, Action Potential Venture Capital Limited, the new GlaxoSmithKline (GSK) strategic venture capital fund for bioelectronic medicines and technologies, and Boston Scientific.
SetPoint is developing a novel proprietary bioelectronic medicine platform to treat a variety of inflammation-mediated autoimmune diseases. In contrast to immunosuppressive drugs, this neuromodulation therapy uses an implantable pulse generator to stimulate the vagus nerve, activating the body’s natural Inflammatory Reflex to produce a systemic anti-inflammatory effect.
The proceeds of the financing will be used to expand ongoing clinical development of the SetPoint bioelectronics therapy approach in rheumatoid arthritis and Crohn’s disease and advance development of the SetPoint proprietary neuromodulation platform.
“This strategic investment from three global leaders in healthcare technologies, including Boston Scientific, GlaxoSmithKline and Covidien, marks an important inflection point for SetPoint, supporting a novel approach that holds promise as a better way to treat inflammatory diseases,” said Anthony Arnold, chief executive officer of SetPoint Medical. “SetPoint’s therapy for inflammatory diseases is intended to benefit patients and caregivers by providing a more convenient and potentially safer alternative to drugs, while also significantly decreasing the cost for payers.”
Source: Setpoint Medical, Inc., Business Wire