Runway Growth Capital, a provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, closed a senior secured term loan of $45 million to Nalu Medical, a privately held medical device company focused on innovative and minimally invasive solutions for chronic neuropathic pain.
The funding supports expanded commercial operations and clinical research as Nalu continues to drive accelerated growth in the peripheral nerve stimulation and spinal cord stimulation markets.
Nalu’s proprietary neurostimulation system provides relief to patients suffering from chronic nerve pain through the delivery of electrical pulses, which moderates pain signals before they reach the brain. Nalu offers a differentially small, fully featured, implantable pulse generator allowing placement to support peripheral and spinal cord pain applications. For patients who have failed conventional treatment options, Nalu’s implantable device provides pain relief without the need for opioids.
“We are grateful for the ability to partner with an innovative medical device company providing a much needed alternative to opioids to treat chronic pain,” Igor DaCruz, managing director, life sciences at Runway.
“Runway provided a flexible, long-term, financing solution that can grow as Nalu continues to evolve, giving us the confidence to pursue our mission with a trusted partner,” Tom West, president and CEO at Nalu, said. “An infusion of minimally dilutive capital enables us to continue expanding the commercialization of our novel treatments to more patients in need. Addressing chronic intractable pain while reducing opioid dependency is no simple task, and it is empowering to have a committed financial partner in Runway to support us as we grow.”
