A new loan agreement with Medtronic could help give Saluda Medical the boost it needs for the continued development of the Evoke ECAP-Controlled, Closed-Loop Spinal Cord Stimulation (SCS).
Artarmon, Australia-based Saluda did not disclose the amount of the loan, but noted that it was a for a four-year term.
In an email sent to MD+DI the company said, the debt financing from Medtronic “is substantial and a sufficient amount that provides Saluda with the financial flexibility to accelerate further development of its Evoke SCS System and prepare for its commercialization path.”
Medtronic is an existing shareholder of Saluda and has participated in two previous financing rounds.
Saluda’s Evoke is designed to be an SCS system that measures the spinal cord’s response to stimulation via ECAPs, or evoked compound action potentials. It adjusts on every pulse to maintain activation within the patient’s therapeutic window. It is currently under investigation through a double-blinded, randomized, controlled U.S. pivotal study.
“We are pleased to once again partner with Medtronic in this financing,” John Parker, CEO of Saluda Medical said in a release. “This funding provides us with the financial flexibility to accelerate further development of our novel closed-loop SCS system and prepare for commercialization. Unlike cardiac pacing technology, where measurement and response technology has driven breakthroughs in clinical outcomes and patient management, technology in the field of SCS is still in its infancy. Energy is still being delivered into the spinal cord without measuring the actual physiologic response to stimulation. Using objective physiologic response data, the Evoke System has been developed to realize substantial improvements in pain, function, sleep, and quality of life. We are passionate about bringing ECAP-controlled, closed-loop technology to the field of pain management to develop mechanistic-based therapies for patients.”