Saluda Medical Raises $150M USD to Fuel Growth Following ASX IPO

MINNEAPOLIS, Dec. 9, 2025 /PRNewswire/ -- 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."

About Saluda Medical

Saluda Medical is a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using its novel neuromodulation platform. The Company's closed-loop, dose-control platform senses and measures neural responses to stimulation and automatically adjusts therapy based on real-time neurophysiological feedback. The Company's first product, the Evoke® System, is indicated as an aid in the management of chronic intractable pain of the trunk and/or limbs, including unilateral or bilateral pain associated with failed back surgery syndrome, intractable low back pain, and leg pain, and is designed to treat chronic neuropathic pain by providing spinal cord stimulation (SCS) therapy that senses and measures neural activation to optimize therapy and reduce patient and clinician burden.12-month results from the EVOKE study, the first and only prospective, multi-center, parallel-arm, double-blind, randomized controlled pivotal study with a voluntary crossover arm in SCS, demonstrated clinically superior pain relief to open-loop therapy and were published in The Lancet Neurology. 24-month results were published in JAMA Neurology, and 36-month data, demonstrating sustained pain relief, were published in Regional Anesthesia and Pain Medicine. To learn more, including risks and important safety information, visit www.saludamedical.com/us/safety/.

Saluda and Evoke are registered trademarks owned by Saluda Medical Pty Ltd.

Foreign Ownership Restriction

Saluda's CHESS Depositary Interests (CDIs) are issued in reliance on Regulation S under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), and a no-action letter issued by the staff of the U.S. Securities and Exchange Commission. Accordingly, the Company's CDIs have not been, and will not be, registered under the U.S. Securities Act (except pursuant to an effective registration statement) or the securities laws of any state or other jurisdiction in the United States. The holders of Saluda's CDIs may not offer, sell, pledge, or otherwise transfer the CDIs into the United States or to, or for the account or benefit of, a "U.S. Person" (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act) for a period of at least 12 months from the allotment date under the IPO, unless the resale of the CDIs is registered under the U.S. Securities Act or an exemption from registration is available.

Media Contact:

Jim Erickson
Chief Financial Officer
[email protected]  

Sam Wells
NWR Communications
+61 (0) 427 630 152
[email protected]

Matt Wright
NWR Communications
+61 (0) 451 896 420
[email protected]

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SOURCE Saluda Medical