WOODSide, California., Jul 13, 2021 / PRNewswire / – Runway growth capital LLC (Runway), a leading provider of growth loans to both venture and non-venture capital firms looking for an alternative to raising capital, today announced the closure of its priority loan 35 million dollars at SetPoint Medical (“SetPoint”), Valencia, California is a privately held clinical bioelectronic medicine company developing treatments for chronic autoimmune diseases.
Runway has announced five life sciences deals in the past two quarters totaling $ 175 million on credit; including Allurion, VERO Biotech, Gynesonics, CrossRoads Extremity Systems and SetPoint.
SetPoint, founded in 2007, develops technologies for the treatment of patients with chronic autoimmune diseases. The company is pioneering a new paradigm of treatment, using electrical impulses that activate the body’s innate “inflammatory reflex” for rheumatoid arthritis (RA), Crohn’s disease and other chronic autoimmune diseases as a safe and cost-effective alternative to drugs and biologics.
“SetPoint is changing the paradigm for treating chronic inflammatory diseases with potentially lower risk and lower cost than drug therapy.,“He speaks Rob Lake, Managing Director and Head of Life Sciences at Runway. “We are thrilled to include SetPoint in Runway’s portfolio of innovative life sciences companies and support its efforts to ensure that more patients have access to a remarkable rethink of patient care for those dependent on autoimmune drug therapy, offering more effective treatments and fewer side effects. effects than anti-inflammatory drugs. ”
“After careful scrutiny, it became clear that the runway appreciated the potential of SetPoint,” said Murti V. Simkhambhatla, PhD, President and CEO of SetPoint Medical. “Working with a reputable lender who understands our business strategy and has a reputation as a flexible partner is exactly what we need to develop our new therapeutic platform for patients with rheumatoid arthritis.”
The funds will be used to support the ongoing RESET-RA clinical study, which will evaluate the safety and efficacy of the SetPoint bioelectronic platform in patients with moderate to severe RA, and other developments as the company advances its technology.
About Runway Growth Capital LLC
Runway Growth Capital LLC is an investment advisor to investment funds, including Runway Growth Credit Fund Inc., which are growth capital lenders for companies looking for an alternative to raising capital. Led by an industry veteran David Sprengthese funds provide top term loans in the amount of 10 million dollars to 70 million dollars fast growing companies based in United States as well as Canada… For more information on Runway Growth Capital LLC and its platform visit our website at www.runwaygrowth.com…
The statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact included in this press release may constitute forward-looking statements and are not guarantees of future results, condition or results and are subject to a number of risks and uncertainties. Actual results could differ materially from those indicated in the forward-looking statements as a result of a number of factors, including those that are disclosed from time to time in Runway’s filings with the SEC. Runway assumes no obligation to update any forward-looking statements made here. All forward-looking statements are valid only as of the date of this press release.
About SetPoint Medical
SetPoint Medical is a privately held clinical bioelectronic medicine company dedicated to treating patients with chronic autoimmune diseases. The SetPoint Medical bioelectronic medicine platform is designed to offer patients and service providers alternative treatments for rheumatoid arthritis, inflammatory bowel disease, and other chronic autoimmune conditions at potentially lower risk and cost than drug therapy. The company is developing a new bioelectronic medicine platform designed to stimulate the vagus nerve to activate the inflammatory reflex for a systemic immune-restorative effect. For more information visit www.setpointmedical.com…
SOURCE Runway Growth Capital LLC