Medtronic, GlaxoSmithKline team up in $40M equity deal for back-pain startup

Medtronic, GlaxoSmithKline team up in $40M equity deal for back-pain startup

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By kgrayson@bizjournals.com – May 30, 2017

Medtronic has joined in a $40 million round of equity financing for Saluda Medical, a med-tech company with operations in the Twin Cities.

Saluda is developing an implantable medical device to treat chronic back pain and other conditions using electrical pulses. The Australia-based company expanded into the United States two years ago, starting a seven-employee clinical research team in Bloomington, Minn.

The company plans to expand its Twin Cities operation following the round of funding, Saluda Medical Senior Vice President Dan Brounstein said in an email. “It is the place to start a medical device company and we are dedicated to continued growth.”

Action Potential Venture Capital, a venture arm of GlaxoSmithKline, led the round of funding. Medtronic was a return investor.

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