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Presidio Medical Raises $72 Million for ULF Neuromodulation Platform


Presidio Medical, Inc. announced that the company successfully concluded a Series C funding round, raising a total of $72 million. The round was led by Deerfield Management, Invus Opportunities, Action Potential Venture Capital, and ShangBay Capital. David Neustaedter, venture partner at Deerfield, joined Presidio’s board in connection with the financing.

Presidio Medical is a clinical-stage medical technology company that is developing a Ultra Low Frequency (ULF) neuromodulation platform. In ULF neuromodulation electrons stimulate nerves with electrical current and enable controlled and reversible inhibition of pain neurons through sodium channel inactivation for treating chronic pain. According to a 2021 publication, related to Presidio’s technology, neuromodulation using ULF waveforms resulted in a dramatic decrease in back pain for patients.  An image of the experimental setup from that study is shown below:

Presidio Medical stated that its “technology leverages the scientific principles discovered by Alan Hodgkin and Andrew Huxley, who were awarded the Nobel Prize in 1963 [and] has been trialed in over 50 patients with chronic pain for 15 days each, demonstrating remarkable early clinical results with patients reporting greater than 90% pain relief on average.”

MarketWatch reported that “[p]roceeds from the round will be used to expand Presidio’s team, to scale manufacturing and to conduct clinical studies of the company’s Ultra Low Frequency neuromodulation platform.”

The full press release from Presidio Medical is available here.


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Presidio Medical Raises $72 Million for ULF Neuromodulation Platform Headshot

Matthew Whitehead

Matt is an associate in our Seattle office. His practice includes several areas of intellectual property law, including patent drafting, due diligence, infringement analysis, trademark registration, and licensing. Matt has assisted clients with a diverse range of technologies, such as:

Medical technology: including cancer therapies, orthotic boots and slings, and advanced medical devices for surgery and imaging

Robotic technology: encompassing waste sorting and parcel processing robots, wearable exoskeleton devices, and cutting-edge micro-surgery robots

Space technology: featuring biowaste recycling systems, launch vehicle landing systems, and innovative propulsion systems

Food processing technology: including in automated systems for sorting food items and deboning animal products

Artificial flooring technology: encompassing state-of-the-art products and manufacturing methods for laminate flooring

Prior to joining the firm, Matt worked for Kinex Medical Company as a product engineer and a director of manufacturing operations. In these roles, he played a crucial part in designing and supervising the production of a tablet-powered knee Continuous Passive Motion (CPM) device. Matt also gained valuable legal experience as a law clerk for the Utah Attorney General’s Office in the Tax and Antitrust Division, where he contributed to antitrust regulation efforts in Utah.

Matt earned his Juris Doctor from the University of Utah - S.J. Quinney College of Law. While there, he served on the executive board of the Student Intellectual Property Law Association and was a Note and Comment Editor for the Utah Law Review. Matt also holds a bachelor's degree in mechanical engineering, with an emphasis in robotics and controls, from the University of Utah.

View all posts published by Matthew Whitehead
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