Presidio Medical Raises $72 Million in Equity Funding

Presidio Medical Inc. has closed a $72 million Series C funding round led by Deerfield Management, existing investors Invus Opportunities and Action Potential Venture Capital, and joined by ShangBay Capital. Proceeds will be used to expand the Presidio team, scale manufacturing, and conduct long-term, pivotal clinical studies of the firm’s ULF SCS system.
 
In conjunction with the financing David Neustaedter, Ph.D., venture partner at Deerfield Management Company, has joined Presidio’s Board of Directors. “Based on tracking this field for over 15 years, I see this as a very exciting new neuromodulation platform, with the potential for tremendous impact across multiple, large patient populations that really need help,” Neustaedter said.

Presidio’s technology leverages the scientific principles discovered by Alan Hodgkin and Andrew Huxley, who were awarded the Nobel Prize in 1963 for “their discoveries concerning the ionic mechanisms involved in excitation and inhibition in the peripheral and central portions of the nerve cell membrane.”¹ Over the last several decades, millions of lives have been improved with neuromodulation devices using excitation, or activation, with short pulses. However, in many instances neural inhibition or “brakes” rather than an “accelerator” may be a more desirable therapeutic solution. With significant advances in hardware, computing and material sciences, inhibition of undesirable nerve activity now appears to be possible with Presidio’s proprietary technology.
 
“Presidio Medical is excited to partner with investors who see the potential to write the next major chapter in neuromodulation history by unlocking new indications and improving outcomes in existing segments. Our approach is founded on Nobel Prize winning basic science principles and brought to life through advances in engineering sciences and a relentless research and development effort,” Presidio Medical Chairman/CEO Michael Onuscheck stated. “With this round of funding we will continue on our journey of bringing this solution to market by partnering with clinical investigators to conduct large, long-term clinical studies to demonstrate the durability and potency of Ultra Low Frequency neuromodulation.”
 
Early research on ULF neuromodulation in animals, computational modeling, and humans demonstrating neural inhibition was published in Science Translational Medicine in 2021. Presidio’s ULF therapy has been trialed in more than 50 patients with chronic pain for 15 days each, demonstrating remarkable early clinical results with patients reporting greater than 90% pain relief on average.
 
Presidio Medical was founded in 2017 and is headquartered in South San Francisco. The clinical-stage, privately held medical device company is developing a transformational neuromodulation platform to treat diseases of undesired neural activity with a first indication in treating chronic pain. 

Reference
¹ www.nobelprize.org/prizes/medicine/1963/summary/