MINNEAPOLIS--(BUSINESS WIRE)--Stimdia Medical, Inc., an emerging leader in the development of neurostimulation technology intended to strengthen and condition the diaphragm in patients on mechanical ventilation, announced the initial closing of $16M, representing the first tranche of a Series B offering totaling $30M. Solas BioVentures led the financing round with additional funding coming from new strategic partners and existing investors including Draper Triangle Ventures.
“Stimdia Medical’s unique neurostimulation technology offers the potential benefits of improving clinical outcomes while reducing the cost of care for patients on mechanical ventilation,” said David Adair, MD, MBA, Co-Founder & Managing Director of Solas BioVentures. “We are pleased to contribute to this financing round and to support the clinical trial that will provide evidence on the safety and effectiveness of this important therapy.”
“This funding provides us with the resources needed to support the initiation and completion of our planned FDA pivotal study that will be focused on demonstrating how our technology can strengthen the diaphragm, thereby enabling earlier liberation of patients from mechanical ventilation,” stated Tim Miller, Chief Executive Officer of Stimdia Medical. “We appreciate the confidence our funding partners have in our company and its technology, and we look forward to expanding the evidence supporting the clinical and economic value of our technology.”
Jim Bullock, Stimdia Medical Co-founder, Board Chairman, and medical device veteran added; "This technology is the most intuitive therapy I have had the opportunity to be a part of. By applying neurostimulation we are able to strengthen the primary muscle utilized to support independent breathing."
Stimdia Medical’s technology evolved following an early collaboration with the University of Minnesota, which provided institutional knowledge and financing as a part of the company’s seed stage investment. Stimdia Medical has since completed its first-in-human clinical study with the results published in Critical Care Medicine, the premier peer-reviewed scientific journal in critical care medicine.
About Stimdia Medical
Stimdia Medical, Inc., is headquartered in Minneapolis, Minnesota and has developed the pdSTIM System to facilitate in weaning patients suffering from ventilator-induced diaphragmatic dysfunction (VIDD). The pdSTIM System is currently for investigational use only and is not for sale in any country.
For more information, visit www.stimdia.com.