Wilson Sonsini Advises SetPoint Medical on $80 Million Preferred Stock Financing

On January 19, 2023, SetPoint Medical, a clinical-stage healthcare company dedicated to patients with chronic autoimmune diseases, announced an $80 million preferred stock financing co-led by new investors Norwest Venture Partners and Viking Global Investors. New investor Gilmartin Capital also participated in the financing, along with returning investors New Enterprise Associates (NEA), Action Potential Venture Capital, Boston Scientific, Topspin Fund, Euclidean Capital, Morgenthaler Ventures, Richard King Mellon Foundation, ShangBay Capital, Ascendum Capital, Catalio Capital Management, Midas Capital, Citta Capital, SVE Capital, and an undisclosed strategic investor. Wilson Sonsini Goodrich & Rosati represented SetPoint Medical in the transaction.  

The company is developing its novel platform for the treatment of chronic, inflammation-mediated autoimmune diseases and is initially focused on a potentially less immunosuppressive option for the treatment of rheumatoid arthritis (RA). Proceeds from the financing will be used to complete the company's ongoing RESET-RA trial and subsequent U.S. Food and Drug Administration (FDA) regulatory submissions and early commercialization for the rheumatoid arthritis indication. The RESET-RA study is a multicenter, double-blind, randomized, sham-controlled clinical trial evaluating SetPoint Medical’s investigational platform technology for treatment of RA using vagus nerve stimulation. The company recently announced the first patient enrolled in Stage 2 of the study.

The Wilson Sonsini team that advised SetPoint on the transaction includes Philip Oettinger, Jesse Schumaker, James Kim, Rana Eid, and Haley Silver.

For more information, please see SetPoint Medical’s press release.