Medtech spin-out Saluda Medical receives $5m backing from the New South Wales Government.
National ICT Australia (NICTA) spin-out Saluda Medical, which provides relief to chronic pain sufferers, has received $5m from the New South Wales Government (NSWG).
The funding comes via the NSWG’s Medical Devices Fund, specifically set up to nurture new medtech technologies through to and beyond commercialisation.
The Australian-based spin-out, founded earlier this year, adds the $5m to a private investment of the same size made in the company when it was started.
Saluda offers chronic pain sufferers who are treated through electrical stimulation of the spinal cord a new method of delivering the same treatment without associated side effects.
John Parker, chief executive of Saluda, said: “Saluda’s goal is to bring this research to commercial reality and see our technology used in every neuromodulation application in the future. This will benefit potentially millions of people suffering chronic pain and other neuropathic diseases. The valuable support and recognition from the New South Wales Government allows us to begin this commercialisation journey with confidence,” he said.
