Australia-based medical device manufacturer Saluda Medical has secured $150 million while biotech incubator Proto Axiom has closed its Series A funding at $15 million.
Saluda Medical raises $150m
Australia-based medical device manufacturer Saluda Medical has closed a $150-million equity financing round led by US-based investment management firm Wellington Management, according to a release.
The round was backed by return backer Fidelity Management & Research Company and new investor TPG. Redmile Group, LLC, Action Potential Venture Capital, funds and accounts advised by T. Rowe Price Associates also joined the round.
The company plans to use the new capital to advance the commercial release of its Evoke Spinal Cord Simulation (SCS) system.
Wellington Management closed its biomedical innovation fund at $393 million in 2019, to invest in private biotechnology companies focused on drug discovery and development.
Launched in 2011, Saluda Medical is engaged in the field of neuromodulation with an emerging portfolio of therapies driven by closed-loop technologies designed to treat debilitating neurological disorders.
Australia’s Proto Axiom closes Series A round at $15m
Australian biomedical technology incubator tech Proto Axiom has raised $5 million in additional financing, after securing $10 million in the initial tranche of its Series A funding in September last year, according to a release.
With this, the firm has closed its Series A funding round backed by Melbourne-based Churchill Asset Management, Riverlane Capital, and Australian tech company Eucalyptus founder Benny Kleist.
“Hitting our target of $15 million in such a difficult economic environment validates the emerging belief in Australia’s biotechnology sector,” Proto Axiom CEO Anthony Liveris said in the statement.
The company also announced its investment in the University of Sydney spinout EndoAxiom, which is working on enabling the oral delivery of insulin to treat Type 1 diabetes.
Founded in 2021, EndoAxiom is the first in the series of investments Proto Axiom expects to announce in the coming months.