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SetPoint Medical Lands $27 Million Investment

SetPoint Medical received a $27 million investment from new and existing investors, including the venture capital fund of multinational pharmaceutical company GlaxoSmithKline. The Valencia firm will use the financing to expand clinical development of its bioelectronic therapy for rheumatoid arthritis and Crohn’s disease. New investors include Action Potential Venture Capital Ltd., the venture capital fund of GlaxoSmithKline plc, in London; Covidien Ventures, in Mansfield, Mass.; and medical device manufacturer Boston Scientific Corp., in Marlborough, Mass. Current investors include Morgenthaler, in Cleveland, and Flare Capital Partners, in Boston. SetPoint Chief Executive Anthony Arnold said the investment from the three new partners will support the company’s novel approach to treating inflammatory diseases. “SetPoint’s therapy 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,” Arnold said in a prepared statement.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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