World News: 12:00 GMT Monday 20th March 2017. [SetPoint Medical via Businesswire via SPi World News]
SetPoint Medical, a biomedical technology company developing a bioelectronic therapy for chronic inflammatory diseases, announced that global venture capital firm New Enterprise Associates, Inc. (NEA) has joined the syndicate of SetPoint Medical investors, adding to the list of significant investors including Morgenthaler Ventures, Boston Scientific, Topspin Partners, Medtronic, and GlaxoSmithKline’s Action Potential Venture Capital Limited. Financial details are not disclosed.
SetPoint also announced that Josh Makower, MD, General Partner at NEA, has joined SetPoint Medical’s board of directors.
“We are proud that SetPoint has attracted such a prestigious and experienced investor,” said Anthony Arnold, Chief Executive Officer of SetPoint Medical. “NEA is known for its support of companies pursuing breakthrough medical technologies, and we are pleased that SetPoint is now in the firm’s high-profile portfolio. We also welcome the deep experience that Josh Makower brings to our board. His extensive financial and strategic experience will be valuable as we build the company and advance SetPoint’s groundbreaking bioelectronic medicine platform.”
“SetPoint has assembled an outstanding team, experienced investors, top-notch clinical academic advisors and a strong scientific position in a field we have been following closely – bioelectronic medicine,” said Dr. Josh Makower, General Partner, NEA. “We're excited to join as investors in SetPoint and look forward to helping support the advancement of their technologies into patient care for rheumatoid arthritis and an array of other inflammatory diseases.”
SetPoint is developing a novel proprietary bioelectronic medicine platform to treat a variety of inflammation-mediated autoimmune diseases by activating the body’s natural Inflammatory Reflex to produce a systemic anti-inflammatory effect. The emerging field of bioelectronic medicine aims to address unmet patient needs utilizing digital dose delivery to modulate disease pathways historically treated with drugs.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. For additional information, visit www.nea.com.
About SetPoint Medical
SetPoint Medical is a privately held biomedical technology company dedicated to treating patients with debilitating inflammatory diseases using bioelectronic therapy. SetPoint’s approach is intended to offer patients and providers an alternative for the treatment of rheumatoid arthritis (RA) and other chronic inflammatory diseases with less risk and cost than drug therapy.
SetPoint is developing a novel bioelectronic medicine platform that stimulates the vagus nerve to activate the body’s natural Inflammatory Reflex, which is intended to produce a potent systemic anti-inflammatory effect. The company has published positive results from a first-in-human open-label proof-of-concept trial in rheumatoid arthritis in Proceedings of the National Academy of Sciences (PNAS) and presented positive results at the American College of Rheumatology meeting. Current investors in the company include Morgenthaler Ventures, NEA, Topspin Partners, Medtronic, GlaxoSmithKline’s Action Potential Venture Capital Limited and Boston Scientific. For more information, visit www.setpointmedical.com.
Business Wire: 12:00 GMT Monday 20th March 2017
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