MENLO PARK, Calif., Jun 15, 2011 (BUSINESS WIRE) — Spinal Modulation, Inc. announced today the completion of its $30 million Series D financing. Medtronic, Inc. joined existing investors DeNovo Ventures, ePlanet/DFJ, InCube Ventures, Johnson & Johnson Development Corporation (JJDC), Kleiner Perkins Caufield & Byers, MedVenture Associates, and Raffles Venture Partners. Spinal Modulation has completed development of the company’s implantable spinal cord stimulator system. Proceeds from the financing will be used to conduct clinical trials both in the United States and internationally. Additionally, the company plans to commence commercialization outside the United States in the near future.
“I am very pleased to have Medtronic join our current investors in this round of financing. We are encouraged by the early clinical results with our fully implantable system and look forward to providing physicians new options to care for their patients suffering from chronic pain,” said David Wood, President and CEO of Spinal Modulation, Inc.
Mir Imran, Spinal Modulation’s Founder and Chairman, commented, “Spinal Modulation has made significant progress in the development of the company’s technology. I am confident that the company’s commitment to excellence in clinical research will lead to additional tools for the treatment of chronic pain.”
About Spinal Modulation
Spinal Modulation, headquartered in Menlo Park, California, is an early stage, privately held medical device company developing the next generation spinal cord stimulator system for the treatment of chronic pain. Spinal Modulation has now completed development of its first fully implantable spinal cord stimulation system for the treatment of chronic pain and has initiated clinical studies internationally to further advance its technology.
SOURCE: Spinal Modulation, Inc.