Saluda Medical Draws US$25M Debt Tranche to Fuel Evoke System Rollout
Saluda Medical draws US$25m second tranche of Perceptive credit facility
Saluda Medical (ASX:SLD) has confirmed the drawdown of US$25m from the second tranche of its existing credit facility with Perceptive Credit Holdings IV, LP.
The second tranche was fully drawn on 30 June 2026, following the satisfaction of certain conditions. According to the announcement, proceeds from the tranche will be used for general commercial and operating purposes.
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Inside the US$125m Perceptive credit facility
Saluda first executed the agreement with Perceptive on 14 March 2025, establishing a US$125m credit facility structured over three separate tranches. The structure allows the company to access capital in stages, with each tranche subject to its own conditions and timing.
The first US$75m tranche was drawn upon execution of the agreement in March 2025. The second tranche of US$25m followed on 30 June 2026. The third tranche of US$25m remains undrawn and is available through 31 December 2026, subject to certain conditions.
| Tranche | Amount | Status | Date | Notes |
|---|---|---|---|---|
| Tranche 1 | US$75m | Drawn | On execution (14 Mar 2025) | Drawn at agreement signing |
| Tranche 2 | US$25m | Drawn | 30 Jun 2026 | Subject to satisfied conditions |
| Tranche 3 | US$25m | Undrawn | Available through 31 Dec 2026 | Subject to certain conditions |
| Total facility | US$125m | — | — | Across three tranches |
With the latest drawdown, approximately US$100m of the US$125m facility has now been accessed, leaving a further US$25m of optionality available through the end of 2026.
Warrant terms attached to the drawdown
In connection with the drawdown, Saluda issued Perceptive a warrant in line with the facility’s existing terms. The key details are as follows:
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Warrant to purchase 88,000 shares of common stock
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Exercise price of US$17.00 per share
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CDI equivalent of approximately 880,000 CDIs at an exercise price of approximately A$2.65 per CDI
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Substantially the same terms as the warrants issued to Perceptive on closing of the first tranche in March 2025
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What the funding supports: Evoke System and the road ahead
Saluda Medical is a commercial-stage medical device company focused on developing treatments for chronic neurological conditions using its closed-loop, dose-control neuromodulation platform. The 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. It delivers spinal cord stimulation (SCS) therapy that senses and measures neural activation to optimise therapy and reduce patient and clinician burden.
The system is backed by a peer-reviewed evidence base drawn from the EVOKE study:
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12-month results published in The Lancet Neurology, demonstrating clinically superior pain relief versus open-loop therapy
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24-month results published in JAMA Neurology
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36-month data published in Regional Anesthesia and Pain Medicine, demonstrating sustained pain relief
Facility snapshot
US$25m drawn · approximately US$100m of the US$125m facility now accessed · US$25m third tranche available through 31 December 2026, subject to conditions.
The undrawn third tranche provides additional optionality through 31 December 2026, subject to certain conditions being satisfied.
The CAP24 paddle lead approval, granted by the FDA on the same date as this drawdown, opens the surgeon-preferred segment that accounts for roughly 30% of all U.S. spinal cord stimulation implants, a market Saluda could not previously access with its percutaneous-only offering.
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