SetPoint Secures $30 Million Series D Equity Financing
– Funding supports clinical momentum; enables upcoming phase 2 trial in rheumatoid arthritis –
Valencia, CA – August 28, 2017 – SetPoint Medical, a clinical-stage biomedical technology company developing a bioelectronic therapy for chronic inflammatory diseases, announced today that it has secured $30 million in Series D equity financing. The Series D financing will provide SetPoint with funding to further advance the clinical development of its bioelectronic therapy for chronic, debilitating inflammatory diseases.
This Series D round includes participation from SetPoint’s existing investors, including NEA, Morgenthaler, Medtronic, Boston Scientific, Topspin, Action Potential Venture Capital and others.
“We are grateful for the strong support from our investors who are aligned with our vision to commercialize life-changing bioelectronic medicines for patients with debilitating inflammatory diseases,” said Anthony Arnold, Chief Executive Officer of SetPoint Medical. “SetPoint has good momentum and this financing, which underscores the significant progress the company has made, provides the capital to bring bioelectronic technology one step closer to the clinic by enabling the next clinical trial in rheumatoid arthritis.”
SetPoint is developing a novel proprietary bioelectronic medicine platform using a small implanted device that activates the body’s natural Inflammatory Reflex and produces a systemic anti-inflammatory effect. The emerging field of bioelectronic medicine aims to address unmet patient needs by delivering targeted digital doses to modulate physiological circuits to treat diseases historically treated with drugs.
“Rheumatoid arthritis patients and the physicians who treat them desperately need new treatment options for dealing with this debilitating disease,” said David Chernoff, MD, Chief Medical Officer of SetPoint Medical. “Current biologic treatments for RA do not work for all patients, are very expensive and can have severe side effects. With more than $30 billion spent annually on biologic agents to treat inflammatory diseases, the time is right for a new approach, and bioelectronic medicine shows promise as an alternative to conventional therapies.”
About SetPoint Medical
SetPoint Medical is a privately held biomedical technology company dedicated to treating patients with debilitating inflammatory diseases using bioelectronic therapy. SetPoint’s approach is intended to offer patients and providers an alternative treatment for rheumatoid arthritis (RA) and other chronic inflammatory diseases with less risk and cost than drug therapy.
SetPoint is developing a novel bioelectronic medicine platform that stimulates the vagus nerve to activate the body’s natural Inflammatory Reflex, which is intended to produce a potent systemic anti-inflammatory effect. The company has published positive results from a first-in-human proof-of-concept trial in rheumatoid arthritis in Proceedings of the National Academy of Sciences (PNAS) and presented positive results at the American College of Rheumatology meeting. Current investors in the company include Morgenthaler Ventures, NEA, Topspin Partners, Medtronic, GlaxoSmithKline’s Action Potential Venture Capital Limited and Boston Scientific. For more information, visit www.setpointmedical.com.
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