Neuromodulation Device Sees $US72 Million Equity Funding

Image credit: Presidio Medical

Global medtech company, Presidio Medical has closed its $US72 million ($AUD109 million) Series C funding round, supporting the development of its ultra low frequency (ULF) neuromodulation platform used to treat chronic pain.

The funding round was led by Deerfield Management with existing investors Invus Opportunities and Action Potential Venture Capital, and joined by ShangBay Capital.

“Presidio Medical is excited to partner with investors who see the potential to write the next major chapter in neuromodulation history by unlocking new indications and improving outcomes in existing segments,” said Presidio Medical Chairman and CEO, Michael Onuscheck in a press statement.

“With this round of funding we will continue on our journey of bringing this innovative solution to market by partnering with leading clinical investigators to conduct large, long-term clinical studies to demonstrate the durability and potency of [ULF] neuromodulation.”

Early trials of the ULF device were conducted in 2021 with over 50 people living with chronic pain, with patients on average reportedly noting greater than 90 percent pain relief.

See the full announcement from Presidio Medical for further details.