UK-listed drugs company GlaxoSmithKline’s (GSK) new strategic corporate venturing fund for bioelectronic medicines and technologies has joined a consortium to investing in the $27m series D round for SetPoint Medical, a US-based biomedical technology company.
Alongside GSK’s Action Potential Venture Capital fund in the round were corporate venturing peers from healthcare companies Covidien and Boston Scientific and venture capital firms Morgenthaler Ventures, Foundation Medical Partners, which has Cleveland Clinic as a strategic limited partner, and Topspin Partners.
The three venture capital firms had been part of previous rounds providing about $14.3m to SetPoint since 2007, according to regulatory filings.
The latest round will be used to expand ongoing clinical development of the SetPoint bioelectronics therapy approach in rheumatoid arthritis and Crohn’s disease and develop its neuromodulation platform, which consists of an implantable miniature neuromodulation device, wireless charger and iPad prescription pad application.
SetPoint was co-founded by neurosurgeon Kevin Tracey, chief executive of Feinstein Institute for Medical Research and professor at and president of the Elmezzi Graduate School of Molecular Medicine in Manhasset, New York.