Checkpoint Surgical, a Cleveland, Ohio-based neurodevice firm, has completed a $1.7m Series B funding.
The round led by the NDI Healthcare Fund in December 2011. The company secured non-dilutive funding of over $1.3m, including a $1.065m Innovation Ohio loan and a $245k federal grant.
The company is using the funding to support its sales and marketing efforts and new product development.
Founded in 2009 and led by CEO and president Len Cosentino, Checkpoint Surgical launched its flagship product, the CHECKPOINT® Stimulator/Locator, in 2010.
The CHECKPOINT® Stimulator/Locator is a state-of-the-art hand-held, intraoperative nerve and muscle stimulator that helps surgeons to locate, identify and evaluate nerves during surgery to facilitate nerve preservation and repair.
The company distributes its products in the U.S. through a combination of direct sales and distributors.