California-based Boomerang Medical, a women-led bioelectronic medicine startup, has closed $15 million in Series A funding. The investment round was led by existing investor Arboretum Ventures and new investor Hatteras Venture Partners.
Plans to advance clinical trails
With this round, the total funding raised by Boomerang Medical accounts for $18 million to date. It will use the proceeds of the financing round to advance clinical studies on neuromodulation for the treatment of autoimmune diseases, with an initial focus on Inflammatory Bowel Disease (IBD).
In addition to the investment, Jeff Terrell, General Partner of Hatteras Venture Partners, has joined the Boomerang Board of Directors.
“We are thankful for the support of our new and existing investors as we look to expand device-oriented treatment options for people with autoimmune diseases,” said Heather Simonsen, President and Chief Executive Officer of Boomerang Medical. “We are especially proud to announce this financing as a woman-led company, after watching the proportion of venture funding dollars drop from 2.8 percent in 2019 to 1.9 percent thus far in 2022 for companies with a female at the helm, a decline we are helping to reverse.”
“Heather and her team, with strong support from Fogarty Innovation, have reached critical milestones in a very short amount of time, culminating in their recent approval by the Food and Drug Administration to commence the Boomerang Clinical Trial for patients with IBD,” said Jeff Terrell, General Partner, Hatteras Venture Partners. “Hatteras is delighted to support Boomerang’s efforts to develop novel therapies in this area of significant unmet clinical need.”
Tom Shehab, MD, Managing Partner at Arboretum Ventures added, “The seasoned team at Boomerang is well-suited to advance its device-oriented approach with strong potential to address historically hard-to-treat autoimmune conditions. This investment reflects our belief in the Boomerang platform and the company’s ability to execute towards their vision. We look forward to supporting the team in its clinical efforts and working to combat the increasing incidence of Inflammatory Bowel Disease.”
Received FDA IDE approval
Boomerang Medical is pioneering neuromodulation therapies for the treatment of autoimmune diseases. Earlier this year, the US Food and Drug Administration (FDA) granted an Investigational Device Exemption (IDE) to the company to evaluate implantable bioelectronic medicine therapy for Inflammatory Bowel Disease (IBD).
Boomerang Medical’s multi-centre Early Feasibility Study will take place at leading IBD centres in the United States.
Boomerang Medical is a clinical-stage startup headquartered on the campus of El Camino Hospital in California developing a technology to advance the treatment of autoimmune diseases by harnessing the body’s own peripheral wiring in order to manage inflammation and immune response.