California-based biomedical company SetPoint Medical secured USD 27 million from both new and existing investors. Its new partners include GlaxoSmithKline's newest strategic venture capital fund Action Potential Venture Capital, Covidien Ventures and Boston Scientific. Its existing investors Morgenthaler Ventures, Topspin Partners and Foundation Medical Partners also participated in the round. SetPoint Medical endeavors to cure inflammatory diseases through neuromodulation and bioelectronics therapies. The money raised will enable the firm to continue to develop its bioelectronic treatment modalities for rheumatoid arthritis and Crohn's disease.

SetPoint Medical's Chief Executive Officer Anthony Arnold said their novel approach, which  consists of stimulating the vagus nerve using a pulse generator to produce a natural anti-inflammatory effect, has immense benefits. "This strategic investment from three global leaders in healthcare technologies, including Boston Scientific, GlaxoSmithKline and Covidien, marks an important inflection point for SetPoint, supporting a novel approach that holds promise as a better way to treat inflammatory diseases. 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," he said.