Funds Raised: $140M by SetPoint Medical to bolster commercial rollout of Rheumatoid Arthritis treatment
SetPoint Medical, a pioneering company in neuroimmune modulation therapy, has announced a significant funding boost of $140 million in private financing. This round, which includes $25 million from the second tranche of Series C financing and $115 million from Series D financing, has been co-led by Elevage Medical Technologies and Ally Bridge Group.
The new funding will primarily support the commercialization of the SetPoint System, a groundbreaking therapy for moderate-to-severe rheumatoid arthritis. The company plans to launch the SetPoint System in select U.S. markets this year, with a broader national expansion planned for 2026.
Alongside the funding, SetPoint Medical has welcomed a new group of investors, including Northwell Health, SPRIG Equity, and an undisclosed strategic investor, who participated in the Series D financing. Returning investors such as Norwest, New Enterprise Associates (NEA), Viking Global Investors, Action Potential Venture Capital, Abbott, Boston Scientific, Euclidean Capital, Richard King Mellon Foundation, Morgenthaler Ventures, ShangBay Capital, Ascendum Capital, Catalio Capital Management, Gilmartin Capital, and Midas Capital also took part in the financing.
In addition to the financial backing, SetPoint Medical has made strategic appointments to its leadership team. Spencer Bailey, who has held similar leadership roles at other neuromodulation companies, has joined as Vice President of Market Access & Reimbursement. Erik Styacich, formerly of Valencia Technologies, has been appointed as Vice President of Sales. Both appointments are in preparation for the commercialization of the SetPoint System.
Murthy V. Simhambhatla, Ph.D., CEO of SetPoint Medical, has announced these strategic milestones, stating, "We are excited to have the support of our new and returning investors as we work towards bringing our innovative therapies to patients with autoimmune diseases."
Kevin Reilly, Managing Director and Head of MedTech investments at Ally Bridge Group, has also joined SetPoint Medical's board of directors. Josh Makower, M.D., from Elevage Medical Technologies, has joined as a representative of his firm on the board.
The funding will not only support the commercialisation of the SetPoint System but also advance the company's pipeline in other autoimmune conditions, paving the way for a brighter future in the treatment of these debilitating diseases.
[1] SetPoint Medical Press Release, [link to press release] [2] BusinessWire, [link to BusinessWire article] [3] FierceBiotech, [link to FierceBiotech article] [4] Xconomy, [link to Xconomy article] [5] MedCity News, [link to MedCity News article]
Technology plays a crucial role in the advancement of SetPoint Medical's therapy, as the new funding will primarily support the commercialization of the SetPoint System, a groundbreaking technology for moderate-to-severe rheumatoid arthritis. Additionally, the company's pipeline in other autoimmune conditions will also benefit from this technology-driven development, paving the way for a brighter future in the treatment of these debilitating diseases.
