US-based Nalu Medical has raised $65m in a Series E financing round to further the development and commercialisation of its neurostimulation system for chronic pain treatment.

The funding will primarily accelerate commercial growth and expand clinical and health-economic evidence for the Nalu system, which features the micro-implantable pulse generator (micro-IPG).

The Series E financing round was led by Novo Holdings. It also saw participation from all existing major investors including Aperture Venture Partners, Gilde Healthcare, MVM Partners, and Pura Vida.

Novo Holdings Venture Investments team partner Eric Snyder said: “The differentiated Nalu neurostimulation product has the potential to benefit millions of patients suffering from chronic neuropathic pain.

“We are impressed with their growing body of clinical evidence demonstrating meaningful clinical results in both the emerging market for peripheral nerve stimulation (PNS) and in the established market of spinal cord stimulation (SCS).”

Nalu Medical will also use the proceeds from the round to continue product development and enhance operations.

The company focuses on providing a minimally invasive and non-opioid treatment option for individuals with chronic neuropathic pain.

Nalu Medical president and CEO Tom West said: “The Nalu team is excited about meaningfully expanding and improving the treatment options in the peripheral nerve pain space by setting a new standard of care while also offering a disruptive, minimally invasive, solution in the established spinal cord stimulation market.

“We continue to invest in building clinical data to expand access for patients who often don’t have other therapeutic options.”

In June 2023, Nalu Medical announced the enrolment of the first patient in its COMFORT-2 PNS randomised controlled study for a micro-implantable pulse generator.