Saluda Medical, Inc. (ASX:SLD, “Saluda” or the “Company”), a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using its novel closed-loop neuromodulation platform, announced it has commenced trading on the Australian Securities Exchange (ASX) following the completion of its initial public offering (IPO).
Under the IPO, Saluda successfully raised A$230.8 million (~US$150 million) from new and existing securityholders through the issue of ~87.1 million new CHESS Depositary Interests (CDIs) at A$2.65 per share. Funds raised will be used to expand Saluda’s sales team, marketing and commercial support and product development. Trading on the ASX commenced December 5, 2025, under ASX ticker “SLD”.
As outlined within the Prospectus, existing securityholders include Wellington Management, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., TPG Life Sciences Innovations, Redmile Group, LLC, amongst others.
“This IPO and capital raise mark an important moment for Saluda,” said Barry Regan, President & CEO of Saluda Medical. “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. This funding enables us to expand our U.S. footprint, invest in innovation, and deliver on our commitment to transform patient care worldwide.”
Developed over 15 years, Saluda’s proprietary, FDA-approved Evoke® System is the first SCS device capable of reading and responding to the spinal cord’s evoked compound action potentials (ECAPs) in real time. A highly differentiated device, Saluda’s Evoke® System is supported by published three-year clinical data demonstrating superior long-term durability compared with traditional open-loop (fixed-dose) SCS therapies. Notably, at 36 months, 83% of patients achieved ≥50% pain reduction and there were zero explants due to loss of efficacy.
“Saluda’s technology is a true paradigm shift in the world of neuromodulation,” said Jason E. Pope, MD, Founder & CEO, Evolve Restorative Center, Santa Rosa, CA, USA. “By delivering closed-loop stimulation, pulse by pulse, tailored to each individual patient’s physiology, it sets a new standard of care for personalized pain management. With Saluda’s IPO and expansion plans, I’m thrilled to see greater patient access to this objective and innovative therapy, elevating patient care worldwide by consistently delivering on meaningful and durable pain relief.”