Presidio Medical, a global clinical-stage medical device company, has announced the successful closure of a $72 million Series C funding round. The funding round was led by Deerfield Management and included participation from existing investors Invus Opportunities and Action Potential Venture Capital, as well as new investor ShangBay Capital. The funds raised will be used to expand the team, scale manufacturing, and conduct long-term pivotal clinical studies for Presidio’s Ultra Low Frequency (ULF™) neuromodulation platform.
Presidio’s ULF™ SCS system is a transformational neuromodulation platform that operates at an ultra-low frequency. The company aims to unlock new indications and improve outcomes in existing segments of neuromodulation. The approach is based on Nobel Prize-winning basic science principles discovered by Alan Hodgkin and Andrew Huxley. Presidio’s technology allows for neural inhibition, or “brakes,” rather than neural excitation, or “acceleration,” providing a potentially more desirable therapeutic solution in certain cases.
With advances in hardware, computing, and material sciences, Presidio’s unique and proprietary technology enables the inhibition of undesirable nerve activity. The company’s ULF™ therapy has shown promising results in early clinical studies, with over 50 patients experiencing significant pain relief, averaging over 90% relief, during trials for chronic pain.
David Neustaedter, Ph.D., Venture Partner at Deerfield Management, has joined Presidio’s Board of Directors as part of the financing. The company aims to continue its research and development efforts and conduct large, long-term clinical studies to demonstrate the durability and potency of ULF™ neuromodulation.