Saluda Medical has completed a $100m financing round to further the commercialisation of its “Evoke System”.

The investment was spearheaded by Redmile Group, with contributions from the current investors, including Wellington Management, Fidelity Management & Research Company, TPG Life Sciences Innovation, Action Potential Venture Capital, and entities advised by T Rowe Price Associates.

New investor Piper Heartland Healthcare Capital also contributed to the funding round.

The funds are set to primarily support the Evoke System, the first commercial application of Saluda’s closed-loop, dose-control neuromodulation platform.

This system represents a significant advancement in the management of chronic pain, which affects approximately 20% of the global population and an estimated 67 million people in the US.

The Evoke System is indicated for chronic intractable pain of the trunk and/or limbs, including conditions such as failed back surgery syndrome, intractable low back pain, and leg pain. The platform claims to operate by delivering spinal cord stimulation (SCS) therapy that senses and measures neural activation, with an aim to “optimise” treatment and minimise the burden on patients and clinicians.

The company noted that utilising Evoked Compound Action Potentials (ECAPs), the Evoke System is capable of quantifying the level of stimulation needed to reach a clinician-set target.

The system is claimed to be the “first” to sense and measure neural responses and adjust therapy automatically to maintain a targeted level of neural activation, offering more “effective” and “consistent” results.

A commercial-stage medical device company, Saluda Medical develops treatments for chronic neurological conditions leveraging its neuromodulation platform.