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.