US-based medical device company Presidio Medical has raised $30m in a funding round led by Invus Opportunities.
The round was also joined by the company’s existing investor Action Potential Venture Capital.
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Presidio Medical plans to use the funds for the development of its neuromodulation technology platform to treat chronic pain.
South San Francisco-based company also plans to expand the platform application to include additional indications.
Presidio Medical’s neuromodulation technology platform offers pain relief across a spectrum of pain types where conventional treatment has failed.
Approximately 50 million people suffer from chronic pain in the US, with treatment and productivity costs often totalling over $500bn each year.
Medications, acupuncture, local electrical and brain stimulation, and surgery are some of the existing treatments for chronic pain. Psychotherapy, relaxation and medication therapies, biofeedback and behaviour modification are also used by physicians to treat the condition.
Unlike normal pain, chronic pains last weeks, months or even years despite treatments.
Patients who fail or receive minimal relief from standard pain treatment represent an important unmet medical need, the company noted.
According to the Centers for Disease Control and Prevention (CDC), despite the mortality associated with opiate use, there were over 168 million opiate prescriptions in the US in 2018.
Invus Opportunities, the lead investor of the round, is a sister fund of the equity investment company The Invus Group. The company leads rounds of financing and co-invests in syndicated financings. It currently manages over $1.5 bn.
