SPR Therapeutics, a Cleveland, OH-based neurodevice firm, raised $5m in Series A financing.
Backers included NDI Healthcare Fund, Public Square Partners, and individual investors.
The company intends to use the funding to commercialize pain therapies utilizing their proprietary peripheral nerve stimulation technology.
Founded in January 2010 as a portfolio company of NDI Medical, LLC, and led by Maria Bennett, President and CEO, SPR Therapeutics has developed a proprietary neurodevice technology platform, which addresses acute and chronic joint pain and post-amputation pain.
The SPR™ System, an investigational device that is limited by U.S. law to investigational use, leverages a proprietary method of peripheral nerve stimulation to treat pain, with electrodes positioned in proximity to but not directly contacting peripheral nerves. It consists of two independent products: the SMARTPATCH™ system, which is intended to be used for up to 30 days. If the patient experiences a return of pain after the Smartpatch therapy, the company has developed a fully implantable MICROPULSE® system for long-term pain management.