Participated · Series D · Aug 2025

SetPoint Medical is a commercial-stage medical technology company headquartered in Valencia, Calif., focused on therapies for chronic autoimmune diseases. Its FDA‑approved SetPoint System is the first neuroimmune modulation therapy for adults with moderate-to-severe rheumatoid arthritis, providing a device-based alternative for patients who do not respond to or cannot tolerate biologic or targeted drug therapies. The company’s proprietary integrated neurostimulation platform is designed to activate innate anti-inflammatory pathways in the vagus nerve to reduce inflammation and restore immunologic setpoint. Proceeds from the recent financing will support commercialization of the SetPoint System in select U.S. markets this year and broader national expansion in 2026, and will also fund advancement of the company’s pipeline in other autoimmune conditions. SetPoint plans to evaluate its platform for additional indications including multiple sclerosis and Crohn’s disease. In conjunction with the fundraise the company expanded its leadership team and board to support commercialization and market access efforts. SetPoint Medical is a privately held clinical-stage healthcare company focused on treating chronic autoimmune diseases. The company is developing a novel platform that stimulates the vagus nerve to activate the inflammatory reflex and produce a systemic immune-restorative effect. The SetPoint system is a miniaturized stimulation device placed on the vagus nerve through a small incision on the left side of the neck in an outpatient procedure and delivers stimulation on a preset schedule. The platform is being developed as an alternative for patients with rheumatoid arthritis who have an incomplete response to or are intolerant of biologic drugs, and is also intended for inflammatory bowel disease and other chronic autoimmune conditions. SetPoint is advancing the RESET-RA study and preparing U.S. FDA regulatory submissions and early commercialization for the RA indication. Financially, the company recently announced an $80 million equity financing and expanded a senior secured term loan facility of up to $65 million with Runway Growth Capital to support development and early commercial activities. SetPoint Medical develops a bioelectronic medicine platform designed to stimulate the vagus nerve and activate the body’s inflammatory reflex to produce a systemic immune‑restorative effect for chronic autoimmune diseases. The company is pursuing electrical‑pulse therapies as a potentially safer, lower‑cost alternative to drugs and biologics for conditions including rheumatoid arthritis and inflammatory bowel disease. SetPoint is clinical‑stage and is advancing its technology through the RESET‑RA study, which will evaluate safety and efficacy in patients with moderate‑to‑severe RA. The $35 million financing announced will support the ongoing RESET‑RA trial and other development activities. SetPoint is privately held, was founded in 2007, and is based in Valencia, California. The articles do not disclose revenue or user metrics. SetPoint Medical is a privately held, clinical‑stage bioelectronic medicine company developing a platform that stimulates the vagus nerve to activate the inflammatory reflex and reduce systemic inflammation. The company is initially focused on a less immunosuppressive therapeutic option for patients with rheumatoid arthritis (RA) and is also developing applications for inflammatory bowel disease and other chronic autoimmune conditions. SetPoint’s investigational device is intended to offer an alternative to biologic and targeted drug therapies with potentially lower risk and cost. The company has received Breakthrough Device designation from the U.S. FDA for use in RA patients who are incomplete responders to, or intolerant of, multiple biologic drugs. Proceeds from the financing will support the RESET‑RA multicenter, double‑blind, randomized, sham‑controlled pivotal trial that will enroll up to 250 patients at 40 U.S. sites to evaluate safety and effectiveness. SetPoint converts neurostimulation of the vagus nerve into a systemic immune‑restorative effect and is positioning its platform toward regulatory‑pathway clinical validation. SetPoint Medical is developing a proprietary bioelectronic medicine platform that uses a small implanted device to activate the body’s Inflammatory Reflex and produce a systemic anti-inflammatory effect. The company’s core product is an implanted stimulator that targets the vagus nerve as an alternative to drug therapies for chronic inflammatory diseases. SetPoint has published positive results from a first‑in‑human proof‑of‑concept trial in rheumatoid arthritis in PNAS and presented positive data at the American College of Rheumatology meeting. The company positions its approach as potentially lower risk and lower cost compared with current biologic treatments. SetPoint plans to use the new financing to advance clinical development and enable its next clinical trial in rheumatoid arthritis. It is a privately held company focused on commercializing bioelectronic medicines for debilitating inflammatory diseases.

Participated · Series B · May 2025

Alpheus Medical develops a proprietary sonodynamic therapy platform that pairs Low‑Intensity Diffuse Ultrasound (LIDU™) with oral 5‑ALA, a tumor‑selective sensitizer, to deliver non‑thermal, tumor‑targeted treatment. The therapy is designed to be performed in an outpatient setting and to selectively destroy cancer cells across a brain hemisphere without the need for imaging or sedation. Early results from two studies in newly diagnosed and recurrent glioblastoma patients have shown promise. The company collaborates with global neuro‑oncology leaders and is supported by healthcare investors and nonprofit venture vehicles focused on cancer. Recent financing will fund a randomized Phase 2B controlled trial evaluating SDT’s efficacy in newly diagnosed glioblastoma. Alpheus is based in Chanhassen, Minnesota. Alpheus Medical is developing a non-invasive sonodynamic therapy (SDT) drug-device combination that uses a sonosensitizer activated by low-intensity ultrasound to selectively kill cancer cells. The lead product is designed for outpatient, repeatable whole-hemisphere treatment of recurrent high-grade gliomas, including rGBM, and eliminates the requirement for concomitant imaging. The therapy aims to address the heterogeneous and diffuse nature of glioblastoma by treating both the primary tumor site and diseased tissue throughout the hemisphere. The company reports the therapy is in early clinical stage use and is not yet commercially available. Alpheus has support from the American Cancer Society and the National Brain Tumor Society and is based in Oakdale, Minn. The recently closed financing will be used to advance a multi-site first-in-human trial evaluating safety, feasibility, and molecular and clinical effects.

Participated · Series F · Mar 2025

MicroTransponder is a global medical device company focused on research-based neuroscience solutions to restore sensory and motor function for people with neurological conditions. Its FDA-approved Vivistim Paired VNS System is clinically proven to generate improvement in upper limb function for chronic ischemic stroke survivors after six weeks of in-clinic occupational or physical therapy. Vivistim is an implanted device that a therapist pairs with vagus nerve stimulation (VNS) during high-repetition, goal-oriented therapy tasks to increase neuroplasticity. The company says Vivistim helps stroke survivors regain 2–3 times more upper extremity function. MicroTransponder intends to use the new funds to expand operations and its R&D efforts. The company is headquartered in Austin, Texas. MicroTransponder develops research-based neuroscience solutions and is focused on restoring function for people with neurological conditions that impair sensory and motor function. Its core product is the FDA-approved Vivistim Paired VNS System, which pairs vagus nerve stimulation with rehabilitation therapy to improve upper limb function for stroke survivors. The company says Vivistim generates more improvement in upper limb function than rehabilitation alone after six weeks of in-clinic therapy. MicroTransponder intends to use newly raised funds to support market development and commercialization of Vivistim. Leadership includes CEO Richard Foust and newly appointed COO Prashant Rawat, a named inventor on more than 85 patents and patent applications with over 25 years of medical device experience. Rawat’s role will focus on scaling operations to meet commercial demand, securing additional indications for Vivistim, and advancing development of the next-generation Paired VNS Therapy system. MicroTransponder is a Dallas, Texas-based medical device development company led by CEO Frank McEachern. The company develops and continues to expand neurostimulation programs to treat neurological diseases, including post-stroke motor rehabilitation and tinnitus. Its Vivistim® System is designed to treat stroke patients with upper limb deficit and consists of a small implanted battery and wires that connect to the vagus nerve in the neck. During rehabilitative therapy the device delivers a small amount of neurostimulation to the vagus nerve to strengthen neural pathways in the brain. MicroTransponder closed a $5.5M funding round in October 2015. The company intends to use the funds to commercialize its stroke and tinnitus therapies in Europe in 2016 and to complete additional clinical studies. MicroTransponder, Inc. is a Dallas, TX-based medical device company focused on vagus nerve stimulation therapies and wireless pain platforms. It partners with the University of Texas at Dallas to develop vagus nerve stimulation therapy for various neurological disorders. Initial therapeutic targets are stroke, tinnitus, and chronic pain, and its products include the Vivistim System for post-stroke upper-limb deficits and the Serenity® System for tinnitus. The company is led by CEO Frank McEachern. MicroTransponder intends to use new funding to complete three additional clinical trials for stroke and tinnitus and to continue development of its wireless pain platform. The company completed a $3.39M funding round and previously raised $9.6M in 2010. MicroTransponder is a Dallas, Texas-based medical device company developing a wireless neurostimulation platform for the treatment of chronic pain and other neurological indications. Its initial product is the SAINT™ System for chronic pain. The company announced a $7M Series B financing and was awarded a $2.6M NINDS SBIR FastTrack U44 grant. The grant is a milestone-driven cooperative agreement to support pre-clinical validation of devices for neuropathic pain and manufacturing scale-up. The combined funding has allowed MicroTransponder to hire premier clinical and regulatory expertise and to prepare a series of clinical trials and regulatory filings for the SAINT System. Recent hires include Dr. Evan Rosenfeld as Chief Medical Officer and Vice President of Regulatory Affairs and Brent Tarver as Vice President of Clinical Affairs.

Participated · Equity · Jan 2025

Saluda Medical develops a proprietary closed-loop, dose-control neuromodulation platform and is commercial-stage with its first product, the Evoke® System. The Evoke System is a physiologic closed-loop spinal cord stimulation (SCS) system that senses neural responses and automatically adjusts therapy to maintain a targeted level of neural activation. The system is indicated as an aid in the management of chronic intractable pain of the trunk and/or limbs, including failed back surgery syndrome, intractable low back pain, leg pain, and chronic neuropathic pain. Saluda cites randomized, multi-center pivotal-study results with 12-month data published in The Lancet Neurology, 24-month results in JAMA Neurology, and 36-month data in Regional Anesthesia and Pain Medicine. Net proceeds from the financing will be used primarily to advance commercialization of the Evoke System. The company is continuing commercial efforts from its Minneapolis base. Saluda Medical, based in Artarmon, Australia, advances a portfolio of therapies driven by advanced closed‑loop technologies for debilitating neurological disorders. Its first product is the Evoke SmartSCS System, an ECAP‑controlled closed‑loop spinal cord stimulation (SCS) system. The Evoke System is indicated as an aid in the management of chronic intractable trunk and/or limb pain, including pain associated with failed back surgery syndrome and intractable low back and leg pain. The device automatically reads, records, and responds to nerves’ responses to stimulation more than 4 million times a day to continually optimize therapy. The company states the Evoke System is proven to be superior to open‑loop SCS for treatment of overall trunk and/or limb pain. Saluda is led by President and CEO Jim Schuermann and is advancing its technology platform alongside commercial plans for Evoke. Saluda Medical is a medical device company developing the Evoke® ECAP-Controlled, Closed-Loop Spinal Cord Stimulation (SCS) System to treat chronic intractable pain of the trunk and limbs. The Evoke system measures the spinal cord’s response to stimulation via evoked compound action potentials (ECAPs) and adjusts on every pulse to maintain activation within a patient’s therapeutic window. Saluda is advancing Evoke through the first double-blinded, randomized, controlled U.S. pivotal study and is pursuing regulatory approval to market the system. The company intends to use newly raised capital to fund final development stages through commercialization. Saluda is led by CEO John Parker and has offices in Artarmon, Australia; Bloomington, Minnesota; and Harrogate, UK. Saluda Medical Pty Limited is a medical device company developing a platform of closed-loop neuromodulation technologies based on neural response to stimulation. The platform is built to sense neural responses and adapt stimulation accordingly. The company is based in Australia. Saluda secured A$53 million (US$40 million) in an all-equity financing round. That financing was reported as a Series D led by Action Potential VC. Saluda Medical is a Sidney, Australia-based provider of technology and devices to treat chronic pain and other conditions. The company develops Evoke™, a spinal cord stimulation system designed to treat chronic pain of the trunk and limbs. Its neuromodulation technology measures nerve signals and adjusts stimulation in real time. Saluda is exploring applications of its platform for Parkinson's disease, epilepsy and other debilitating disorders. The company plans to use recently raised funds to conduct chronic clinical trials and support commercialization of Evoke. Saluda is a spin-out from NICTA and is led by CEO John Parker.

Participated · Series D · Jul 2024

Neuspera Medical is developing implantable neuromodulation devices intended to improve the lives of patients battling chronic illnesses. The company is advancing a discreet, minimally invasive, ultra-miniaturized implant designed to provide patients personal control and relief from urinary urge incontinence (UUI), a symptom of overactive bladder (OAB). The Neuspera System includes an ultra-miniaturized pulse generator attached to an electrode array. Led by CEO Steffen Hovard, the company emphasizes minimally invasive, patient-controlled therapy. Neuspera recently raised $23M in a Series D financing and intends to use the funds to further enhance growth through expected U.S. Food and Drug Association (FDA) premarket approval (PMA) of its system. Neuspera Medical is a San Jose, Calif.-based, clinical-stage, venture-backed medical device company that engineers miniaturized implantable neuromodulation technologies. The company leverages both exclusively licensed and proprietary power transfer techniques to build its platform. Its lead indication is Urinary Urgency Incontinence, a symptom of overactive bladder, and it describes its products as part of bioelectronic medicines. Neuspera intends to use the Series C proceeds to conduct the SANS-UUI pivotal clinical study. The company is led by Milton M. Morris, Ph.D., President & CEO. It closed a $65M Series C equity financing in July 2021. Neuspera Medical is a clinical-stage neuromodulation company based in San Jose, CA. The company engineers miniaturized implantable neuromodulation technologies using exclusively licensed and proprietary power transfer techniques. Its technology platform, described as bioelectronics medicines, aims to provide patients and physicians less invasive, more adaptable, and potentially earlier treatment options. Neuspera is led by Milton M. Morris, Ph.D., President & CEO. The company intends to use the financing to advance its clinical programs for its implantable neuromodulation technology platform. Neuspera focuses on product development and regulatory programs tied to milestone-driven funding tranches. Neuspera Medical is a clinical-stage medical device company based in San Jose, California that develops miniaturized implantable neuromodulation technologies. It engineers hermetically sealed implantable modules using exclusively licensed and proprietary power transfer techniques. The company describes its modules as more than 100 times smaller than other neuromodulation devices and says they may reduce implant procedure complexity, patient complication, and post-surgical pain. Neuspera positions its products within a bioelectronics medicines technology platform. Led by President & CEO Milton M. Morris, Ph.D., the company focuses on advancing product development and clinical programs. It held the initial closing of a $26M Series B equity financing to support those efforts.