Zurich, Switzerland - Palyon Medical, Inc., a New York-based medical device company, has raised $24m in Series A financing.
The proceeds will be used to finance a multi-site clinical study and to commercialise Palyon's programmable, implantable drug delivery system, which delivers targeted doses of pain medication directly to the spinal area. Baird Venture Partners led the round, with Hambrecht & Quist Capital Management. Fountain Healthcare Partners, BB Biotech Ventures, Cross Atlantic Partners, Arcus Ventures. Nextech Venture also participated in the transaction.
Palyon focuses on the treatment of chronic pain, spasticity and other neurological diseases. Chronic pain, which is defined as pain lasting six months or longer, affects 76 million Americans, according to the company.
David Present, MD, CEO of Palyon, said, "We are very excited to team up with Baird Venture Partners and this group of investors to take Palyon to the next level. We believe that our unique technology platform has led to the development of a next-generation device that will offer meaningful benefits to patients and physicians."
Michael Liang, principal at Baird Venture Partners, added, "There is a significant opportunity for Palyon to participate in and expand this underserved market. We are excited to help facilitate that progress by leading this successful financing syndicate, and believe that the oversubscribed demand for participation in this round speaks to the opportunity."