Stimwave has raised $50 million to support commercialization of its neuromodulation pain therapies. The financing equips Stimwave to push ahead with its previously disclosed plans to make its devices available across the U.S.
Pompano Beach, Florida-based Stimwave has two devices, one that stimulates the spinal cord and another that stimulates peripheral nerves. Stimwave picked up its first FDA clearance back in 2014, and it has expanded its commercialization efforts in recent months. That shift led Stimwave to seek cash from its investors. The result is a $50 million commitment from undisclosed investors. News of the investment comes three months after Stimwave detailed plans to take on 75 staff to step up its U.S. commercialization activities.
Stimwave will task the expanded sales team with promoting its implantable stimulators. The device is implanted in the patient through a needle. Once the device is in place, the patient uses an external unit to control the stimulation it emits. This disrupts pain signals travelling through the nervous system and thereby dials down the suffering the patient experiences.
Other companies also offer neuromodulation therapies for the nonpharmacological treatment of pain. Stimwave’s attempt to differentiate itself from these rivals is underpinned by technology that has allowed it to shrink the stimulator and shift its power source to the external unit.
“The key to Stimwave pain management is the ability to allow the pain sufferer to control their pain wherever and whenever they want,” Stimwave Chairman Laura Tyler Perryman said in a statement. “Now patients are in control of how to manage their pain opioid free with wearable and wireless iOS devices, including smart phones and watches.”