Nalu Medical Inc. Announces $104 Million Equity Financing
CARLSBAD, Calif. (PRWEB) February 17, 2022
Nalu Medical, Inc. (“Nalu”), a private company focused on innovative and minimally invasive solutions for chronic neuropathic pain, announced today the completion of a $104 million equity financing. The round was led by new investors, MVM Partners and Gilde Healthcare. Also participating in this round were new investors Pura Vida Investments and Aperture Venture Partners, as well as existing investors, Advent Life Sciences, Decheng Capital, Endeavour Vision, and Longitude Capital. The proceeds from this financing are intended to be used for scaling commercial operations to accelerate growth, continued expansion of clinical evidence, and continuing product development, in addition to other general corporate purposes.
“Chronic pain causes suffering to millions and can be addressed by targeted, non-addictive therapy. Nalu is uniquely positioned to meet this medical need by providing a patient friendly, neurostimulation technology and MVM is excited to support its continued growth,” said Hugo Harrod, a partner with MVM Partners, who joins Nalu’s Board of Directors. “We believe Nalu’s technology is one of the most advanced on the market, with huge potential to meet the needs of more patients,” said Geoff Pardo of Gilde Healthcare, who is also joining the Board of Directors.
“This additional funding underscores the potential of Nalu’s miniaturized technology and will allow us to accelerate the already strong adoption of our system,” said Earl Fender, President and CEO of Nalu. “We welcome the addition of new top-tier investors and appreciate the continued support of our current investors, who share our mission of commercializing innovative and minimally invasive solutions that make meaningful differences to people suffering from chronic pain.”
J.P. Morgan served as placement agent to Nalu for this transaction.
About Nalu Medical
Nalu is a Carlsbad, California-based medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic neuropathic pain. The Nalu Neurostimulation System delivers gentle electrical pulses to the nervous system to modulate pain signals to the brain. The Nalu system was designed to address major unmet needs in the treatment of chronic neuropathic pain and provide a differentiated value proposition for patients and physicians.
About the Nalu Neurostimulation System
The Nalu system consists of a fully-featured, battery-free, miniaturized implantable pulse generator (IPG) that is powered wirelessly by an externally worn Therapy Disc and controlled through a smartphone-based remote control app. Despite its small size, Nalu’s micro-IPG delivers treatment capabilities similar to larger IPGs as well as unique advantages associated with advanced waveforms, extensive programming options, exceptional upgradability, and an expected service life of 18 years. The Nalu Neurostimulation System is currently FDA-cleared for Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications. To learn more, visit http://nalumed.com.
Indications for Use
Spinal Cord Stimulation – The Nalu SCS system is indicated as the sole mitigating agent, or as an adjunct to other modes of therapy used in a multidisciplinary approach for chronic, intractable pain of the trunk and/or limbs, including unilateral or bilateral pain. The trial devices are solely used for trial stimulation (≤ 30 days) to determine efficacy before recommendation for a permanent (long term) device.
Peripheral Nerve Stimulation – The Nalu PNS system is indicated for pain management in adults who have severe intractable chronic pain of peripheral nerve origin, as the sole mitigating agent, or as an adjunct to other modes of therapy used in a multidisciplinary approach. The Nalu Neurostimulation System for PNS is not intended to treat pain in the craniofacial region. The trial devices are solely used for trial stimulation (≤ 30 days) to determine efficacy before recommendation for a permanent (long term) device.
Nalu and the Nalu logo are trademarks of Nalu Medical, Inc.