• Spinal Modulation

  Led · Equity · Jun 2013

  Spinal Modulation’s core product is the Axium Neurostimulator System, which stimulates the dorsal root ganglion (DRG) to provide targeted spinal cord stimulation for chronic, intractable pain, particularly in lower extremities and other hard-to-treat areas. The system’s leads are placed at the DRG and the therapy reportedly uses approximately 95 percent less power than traditional SCS systems. Axium received European CE Mark approval in November 2011 but is not approved for use in the United States. The company has an FDA investigational device exemption (IDE) and anticipated beginning U.S. enrollment in the second half of the year. Spinal Modulation is privately held and based in Menlo Park, CA, and lists Johnson & Johnson Development Corporation, Medtronic, Kleiner Perkins Caufield & Byers, De Novo Ventures, MedVenture Associates, and DFJ InCube Ventures as backers. Clinical evidence and peer-reviewed publications supporting the DRG approach are noted in the announcement. Spinal Modulation is an early-stage medical device company developing a fully implantable spinal cord stimulator system for the treatment of chronic pain. The company has completed development of its first fully implantable spinal cord stimulation system and has initiated international clinical studies. It announced a $30 million Series D financing to support clinical trials and near-term commercialization activities. Proceeds from the financing will be used to conduct clinical trials in the United States and internationally. The company plans to commence commercialization outside the United States in the near future. Headquartered in Menlo Park, California, Spinal Modulation is privately held and backed by strategic and venture investors including Medtronic and several venture firms. Spinal Modulation is a Menlo Park, CA-based medical device company developing next-generation spinal cord stimulator systems. The company's core product is a spinal cord stimulator intended to treat patients suffering from chronic intractable pain. The recently completed financing will support further development of that next-generation system. The company completed a $27.4M Series C financing to fund product advancement. Investors in the round include Johnson & Johnson Development Corporation alongside existing and new venture backers. No operating metrics or revenues were disclosed in the article.

• iRhythm Technologies

  Participated · Equity · May 2011

  iRhythm Technologies provides the ZIO Service, a long-term continuous cardiac monitoring solution that combines a wearable patch with proprietary algorithms and reports to detect arrhythmias. The ZIO Patch enables continuous monitoring for up to 14 days. The service has been used with almost 250,000 patients at over 800 institutions nationwide. Led by president and CEO Kevin King, the company intends to use recent funding to accelerate market growth for the ZIO Service, expand technology development and continue to establish clinical evidence for its flagship solution. The company is based in San Francisco, CA. It recently closed a $17M Series E financing to support these initiatives. iRhythm Technologies develops and markets diagnostic monitoring solutions and is based in San Francisco, CA. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. The company says its offerings facilitate early diagnosis and treatment decisions. iRhythm closed a $16M Series D venture financing to support its growth. The round will fund commercial expansion and accelerate development of new technologies and applications. The company is led by president and CEO Kevin King. iRhythm’s core product is the Zio Patch, a single-use, water-resistant ECG monitor that continuously records up to 14 days of heartbeats and samples at 200 times per second. The company also offers a Zio Event Card for up-to-30-day monitoring and emphasizes device recyclability. iRhythm touts near-100% patient compliance versus roughly 50% for competing devices and received a silver Medical Design Excellence Award for the Zio Patch. The company received U.S. FDA approval in May 2009 and began a more aggressive commercial launch in the six months prior to the article, describing rapid or “exponential” growth and reporting a headcount of about 120 employees. iRhythm aims to move earlier detection of arrhythmias upstream into primary care and plans further product development from its Zio platform. The CEO declined to disclose revenue or profitability, and the company said it has been approached by several medical-technology firms about potential acquisition but has no current plans to sell. iRhythm Technologies develops and commercializes the Zio Patch, a single-use continuous ambulatory cardiac rhythm monitor that provides high-quality diagnostic information while improving patient comfort and compliance. The company is based in San Francisco and operates an independent diagnostic testing facility near Chicago. The Zio Patch has received FDA 510(k) clearance. iRhythm completed a $10M private equity financing to support the product's commercial launch in the U.S. The company positions the device as a way to improve diagnostic yield and patient adherence compared with existing monitoring approaches. iRhythm Technologies produces the Zio, a cardiac monitoring device developed at Stanford and recently launched. The company received FDA approval earlier this year for the device. Based in San Francisco, iRhythm plans to use new funding to more widely market the Zio. Management says the additional capital should be enough to push the company to break even. All product and commercialization details are from the company’s statements in the article.

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