US-based medical device company Valencia Technologies has received a strategic investment of up to $35m and appointed James Surek as CEO to enhance the growth of its eCoin neurostimulator.
Brooks Management Group (BMG) affiliate Brooks Advisory Group provided the funding for the investment round.
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BMG will also offer consulting services to the company, focusing on sales, commercialisation, reimbursement, and financial strategies.
The capital infusion and Surek’s expertise in commercial leadership are expected to catalyse the expansion of the eCoin system.
Surek claims to have contributed to the commercial success of five medical device companies that achieved merger and acquisition exits.
He was an integral part of the executive team at Advanced Bionics, where he helped increase revenue to more than $200m in three years, leading to a $3bn acquisition by Boston Scientific Corporation.
Furthermore, he spearheaded the sales division at Entellus Medical, increasing revenue from under $1m to more than $70m and driving an initial public offering (IPO) in four years.
Surek’s primary focus in Valencia will be on propelling the coin-sized eCoin device, designed to treat urge urinary incontinence (UUI), through accelerated commercial adoption and preparing the company for further growth phases.
Surek said: “I am excited to return to the neuromodulation space. Many physicians and patients have already experienced the benefits of Valencia’s game-changing technology. We are looking forward to expanding our footprint in the market to bring our solution to those who want or require another option.”
The company stated that using a local anaesthetic, the device is implanted near the ankle under the skin through a “minimally invasive” outpatient process.
Designed to provide periodic stimulation to the tibial nerve, the system has demonstrated positive results in clinical studies.
It simplifies the post-implant process for individuals, requiring minimal follow-up and no weekly recharging.
