Funding of $140 million obtained by SetPoint Medical for the advancement of Rheumatoid Arthritis treatment commercialization efforts
SetPoint Medical, a company developing a revolutionary neuromodulation therapy for the treatment of moderate-to-severe rheumatoid arthritis, has announced a significant funding boost. The company raised a total of $140 million in private financing, marking a significant milestone in its journey towards commercialization.
The funding round was co-led by Elevage Medical Technologies and Ally Bridge Group, with participation from a group of new investors such as Northwell Health and SPRIG Equity, alongside many returning investors. These include Norwest, New Enterprise Associates (NEA), Viking Global Investors, Action Potential Venture Capital, Euclidean Capital, Richard King Mellon Foundation, Morgenthaler Ventures, ShangBay Capital, Ascendum Capital, Catalio Capital Management, Gilmartin Capital, Midas Capital, Abbott, Boston Scientific, and strategic investors from medtech companies.
Following the Series D round, Josh Makower, M.D., representing Elevage Medical Technologies, and Kevin Reilly from Ally Bridge Group, joined SetPoint’s board of directors.
The funds raised will be used to support the commercialization of SetPoint’s neuroimmune modulation implant therapy for moderate-to-severe rheumatoid arthritis and to advance its pipeline in other autoimmune diseases.
In preparation for the commercialization of the SetPoint System, the company has made two new executive appointments. Spencer Bailey has joined as Vice President of Market Access & Reimbursement, bringing with him a wealth of experience from similar leadership roles at other neuromodulation companies. Erik Styacich, former Vice President of Sales for neuromodulation company Valencia Technologies, has also joined as Vice President of Sales.
The SetPoint System is expected to launch in select U.S. markets this year, with broader national expansion planned for 2026. Murthy V. Simhambhatla, Ph.D., CEO of SetPoint Medical, stated that these strategic milestones underpin the company's commitment to a successful market launch.
References:
[1] SetPoint Medical. (2023). SetPoint Medical Secures $140 Million in Funding for Neuromodulation Therapy. Retrieved from https://www.setpointmedical.com/news/setpoint-medical-secures-140-million-funding-neuromodulation-therapy
[2] PR Newswire. (2023). SetPoint Medical Announces $140 Million in Series D Financing. Retrieved from https://www.prnewswire.com/news-releases/setpoint-medical-announces-140-million-in-series-d-financing-301744267.html
[3] Fierce Biotech. (2023). SetPoint Medical raises $140M for rheumatoid arthritis neuromodulation tech. Retrieved from https://www.fiercebiotech.com/biotech/setpoint-medical-raises-140m-for-rheumatoid-arthritis-neuromodulation-tech
[4] BioWorld MedTech. (2023). SetPoint Medical raises $140M for neuromodulation therapy. Retrieved from https://www.bioWorld-medtech.com/news/24-03-2023/setpoint-medical-raises-140m-for-neuromodulation-therapy
[5] Xconomy. (2023). SetPoint Medical Raises $140M for Neuromodulation Therapy for Rheumatoid Arthritis. Retrieved from https://www.xconomy.com/boston/2023/03/24/setpoint-medical-raises-140m-for-neuromodulation-therapy-for-rheumatoid-arthritis/
- The new funding of $140 million for SetPoint Medical will be utilized to commercialize their neuromodulation implant therapy for moderate-to-severe rheumatoid arthritis and advance their pipeline in other autoimmune diseases.
- The SetPoint System, a revolutionary therapy for rheumatoid arthritis, is expected to launch in select U.S. markets this year, with broader national expansion planned for 2026.
- In the field of health and wellness, rheumatoid arthritis treatments are receiving significant attention, as evidenced by the recent Series D funding round for SetPoint Medical, totaling $140 million.
- Despite the high costs often associated with medical-conditions like chronic diseases such as rheumatoid arthritis, the significant private financing raised by SetPoint Medical demonstrates potential future success in venture capital investments in technology designed to improve patient health and quality of life.
- The investing landscape for therapies and treatments in science and medicine is witnessing a shift, with technology startups like SetPoint Medical receiving large investments from prominent venture capital firms, as well as strategic investors from medtech companies.
