Spinal Modulation snags $30M in Series D

Menlo Park, CA-based Spinal Modulation has completed its $30 million Series D financing with Medtronic joining existing investors DeNovo Ventures, ePlanet/DFJ, InCube Ventures, Johnson & Johnson Development Corporation, Kleiner Perkins Caufield & Byers, MedVenture Associates and Raffles Venture Partners.

The company has wrapped up development of its implantable spinal cord stimulator system, and proceeds from the financing will be used to conduct clinical trials worldwide to further advance its technology. Additionally, the company plans to start commercializing outside the U.S. 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 Spinal Modulation President and CEO David Wood in a release.

Spinal Modulation was founded in 2004 by InCube founder Mir Imran and neurosurgeon Daniel Kim.  In late 2005, Spinal Modulation began operations inside of InCube Labs, according to the company's website.  

 - see the Spinal Modulation release