US-based biomedical technology developer SetPoint Medical obtained $30m in a series D round yesterday that included medical device manufacturers Boston Scientific and Medtronic as well as pharmaceutical firm GlaxoSmithKline (GSK).
The round also featured New Enterprise Associates (NEA), Morgenthaler, Topspin and other unnamed backers. GSK participated through its Action Potential Venture Capital (APVC) subsidiary.
SetPoint is developing a bioelectronic medicine platform that uses a small implanted device to treat chronic, debilitating inflammatory diseases by stimulating the vagus nerve, activating the body’s anti-inflammatory reflex.
The company is initially focusing on rheumatoid arthritis. It will use the series D capital to support the next clinical trial for its technology.
SetPoint previously closed a $43m series C round in 2015. The round was raised over two tranches, with an initial $27m close in 2013 provided by APVC, Boston Scientific and medical device manufacturer Covidien’s investment arm Covidien Ventures as well as Morgenthaler, Foundation Medical Partners and Topspin.
The $15m extension was then supplied by APVC, Covidien Ventures, Boston Scientific, Morgenthaler, Foundation Medical Partners and Topspin as well as an unnamed backer.
SetPoint had previously secured $9m across two funding rounds in 2009 and 2010.