Saluda Medical Secures USD 150M After ASX Listing to Accelerate Global Expansion
Saluda Medical has begun trading on the Australian Securities Exchange (ASX) following the completion of its initial public offering, raising A$230.8 million (about USD 150 million). The offering included roughly 87.1 million new CHESS Depositary Interests priced at A$2.65 each. The company plans to use the proceeds to expand its sales force, strengthen commercial operations, and support product development. Trading under the ticker “SLD” started on December 5.
The IPO attracted participation from both new and existing institutional investors, including Wellington Management, Fidelity Management & Research Company, T. Rowe Price Associates, TPG Life Sciences Innovations, and Redmile Group. Their continued involvement reflects sustained confidence in the company’s clinical and commercial trajectory.
Barry Regan, President and CEO of Saluda Medical, said the public listing marks a pivotal milestone for the company. “With strong clinical evidence, a scalable commercial model, and the dedication of our team, we are now even better positioned to accelerate our mission globally,” he said. “This funding enables us to expand our U.S. footprint, invest in innovation, and deliver on our commitment to transform patient care worldwide.”
Saluda’s flagship technology, the FDA-approved Evoke System, is the first spinal cord stimulation device designed to measure and adjust therapy based on evoked compound action potentials in real time. The system has been in development for more than 15 years and is supported by peer-reviewed three-year outcomes showing sustained results. At 36 months, 83% of patients maintained at least 50% pain reduction, and none required device removal due to loss of effect.
Jason E. Pope, MD, Founder and CEO of Evolve Restorative Center, noted the significance of the platform’s closed-loop design. “Saluda’s technology is a true paradigm shift in the world of neuromodulation,” he said. “By delivering closed-loop stimulation, pulse by pulse, tailored to each patient’s physiology, it sets a new standard of care for personalized pain management.” He added that the IPO will help broaden patient access to a therapy that has demonstrated durable and meaningful pain relief.
