SetPoint Medical gains funds for bioelectric medicine

SetPoint Medical gained $27 million in investment for its bioelectric treatments

SetPoint Medical has been given funding for the development of bioelectric medicine and technology to treat inflammatory diseases.

The firm gained $27 million (£17.4 million) from Covidien Ventures Action Political Venture Capital Limited, a new capital venture fund from GlaxoSmithKline and Boston Scientific, which recently began investing in the company. Its existing investors also contributed to the total amount of funding gained.

Bioelectric medicine and technologies are used as therapeutic treatments for conditions such as rheumatoid arthritis and Crohn's disease.

In the US alone, more than one million people are affected by rheumatoid arthritis and 2.5 times more women have the condition than men. It is predicted that roughly 700,000 suffer from Crohn's disease.

Anthony Arnold, chief executive of SetPoint Medical, said: "SetPoint’s therapy for inflammatory diseases is intended to benefit patients and caregivers by providing a more convenient and potentially safer alternative to drugs while also significantly decreasing the cost for payers."