SetPoint Medical secures $30 million in equity financing

SetPoint Medical, a Valencia-based biomedical company, has secured $30 million in financiing.

SetPoint Medical, a Valencia-based biomedical technology company developing a bioelectronic therapy for chronic inflammatory diseases, has secured $30 million in Series D equity financing.

The funding will help SetPoint Series advance clinical development of its bioelectronic therapy for rheumatoid arthritis and other chronic, debilitating inflammatory diseases.

“We are grateful for the strong support from our investors who are aligned with our vision to commercialize life-changing bioelectronic medicines for patients with debilitating inflammatory diseases,” said Anthony Arnold, SetPoint Medical’s CEO, in a statement.

“SetPoint has good momentum and this financing, which underscores the significant progress the company has made, provides the capital to bring bioelectronic technology one step closer to the clinic by enabling the next clinical trial in rheumatoid arthritis.”

Backers include SetPoint’s existing investors, including NEA, Morgenthaler, Medtronic, Boston Scientific, Topspin, and Action Potential Venture Capital.

SetPoint is developing a small implanted device that activates the body’s natural Inflammatory reflex and produces a systemic anti-inflammatory effect. The emerging field of bioelectronic medicine aims to deliver targeted digital doses to modulate physiological circuits to treat diseases historically treated with drugs.

“Rheumatoid arthritis patients and the physicians who treat them desperately need new treatment options for dealing with this debilitating disease,” said David Chernoff, MD, SetPoint’s chief medical officer

“Current biologic treatments for rheumatoid arthritis do not work for all patients, are very expensive and can have severe side effects,” Chernoff said. “With more than $30 billion spent annually on biologic agents to treat inflammatory diseases, the time is right for a new approach, and bioelectronic medicine shows promise as an alternative to conventional therapies.”

SetPoint Medical is a privately held biomedical technology company founded in 2006 dedicated to treating patients with debilitating inflammatory diseases using bioelectronic therapy.

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