SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Presidio Medical, Inc., a global clinical-stage medical device company developing a transformational Ultra Low Frequency (ULF™) neuromodulation platform, announced the close of a $72 million Series C funding round led by Deerfield Management, existing investors Invus Opportunities and Action Potential Venture Capital, and joined by ShangBay Capital. Proceeds will be used to expand the team, scale manufacturing, and conduct long-term, pivotal clinical studies of Presidio’s unique ULF™ SCS system.
In conjunction with this financing David Neustaedter, Ph.D., Venture Partner, Deerfield Management Company, has joined Presidio’s Board of Directors. “Based on tracking this field for over 15 years, I see this as a very exciting new neuromodulation platform, with the potential for tremendous impact across multiple, large patient populations that really need help,” said David.
“Presidio Medical is excited to partner with investors who see the potential to write the next major chapter in neuromodulation history by unlocking new indications and improving outcomes in existing segments. Our approach is founded on Nobel Prize winning basic science principles and brought to life through advances in engineering sciences and a relentless research and development effort,” said Michael Onuscheck, Chairman and CEO of Presidio Medical. “With this round of funding we will continue on our journey of bringing this innovative solution to market by partnering with leading clinical investigators to conduct large, long-term clinical studies to demonstrate the durability and potency of Ultra Low Frequency (ULF™) neuromodulation.”
Presidio’s technology leverages the scientific principles discovered by Alan Hodgkin and Andrew Huxley, who were awarded the Nobel Prize in 1963 for “their discoveries concerning the ionic mechanisms involved in excitation and inhibition in the peripheral and central portions of the nerve cell membrane.1" Over the last several decades, millions of lives have been improved with neuromodulation devices using excitation, or activation, with short pulses. However, in many instances neural inhibition or “brakes” rather than an “accelerator” may be a more desirable therapeutic solution. With significant advances in hardware, computing and material sciences, inhibition of undesirable nerve activity now appears to be possible with Presidio’s unique, proprietary technology.
Early research on ULF neuromodulation in animals, computational modeling, and humans demonstrating neural inhibition was published in Science Translational Medicine in 2021. Presidio’s ULF™ therapy has been trialed in over 50 patients with chronic pain for 15 days each, demonstrating remarkable early clinical results with patients reporting greater than 90% pain relief on average.
ABOUT PRESIDIO MEDICAL
Presidio Medical was founded in 2017 and is headquartered in South San Francisco, CA. The clinical-stage, privately held medical device company is developing a transformational neuromodulation platform to treat diseases of undesired neural activity with a first indication in the treatment of chronic pain. Presidio’s investors include Deerfield Management, Invus Opportunities, Action Potential Venture Capital, and ShangBay Capital. For more information, visit www.presidiomedical.com.
