Medical device company Saluda Medical Pty Limited reported on Tuesday the receipt of AUD53m in an all-equity Series D financing round with investors.

The financing was led by new investor, Action Potential Venture Capital (APVC), a GSK fund that invests in companies developing bioelectronic medicines. Existing investors, including Medtronic PLC, also participated in the round.

Saluda Medical said it is developing the first intelligent Evoke Spinal Cord Stimulator (SCS) System. It is designed to use the patient's own neural fingerprint to monitor and adapt the dose of electrical stimulation automatically and tailor the therapy to meet each individual patient's needs in real-time.

This latest round of funding will support the current US pivotal randomised, double-blinded clinical trial that is enrolling patients at 11 sites across the country as well as allow the company to commercialise the Evoke SCS therapy in Europe and Australia.

(USD1=AUD1.34282)