SPR Therapeutics, a Cleveland, OH-based medical device startup, raised $25M in Series C funding.
A prominent family office and Frontcourt Ventures led the round.
The company intends to use the capital to commercialize its FDA-cleared SPRINT® Peripheral Nerve Stimulation (PNS) system and to fund additional research across multiple indications including post-surgical acute pain and chronic low back pain.
Led by Maria Bennett, CEO, President and Founder, SPR Therapeutics has developed a novel neurostimulation technology for chronic and acute pain. The SPRINT PNS System offers a non-narcotic solution for the relief of chronic and acute pain. The therapy uses a threadlike wire placed through the skin, which connects to a wearable stimulator to activate target nerve fibers to achieve pain relief without opioids, permanent implants or tissue destruction.
The company also announced the appointment of Nick Valeriani to the SPR board of directors. Mr. Valeriani is an experienced healthcare leader having previously served as the CEO of West Health and prior to that, spent 34 years with Johnson & Johnson serving on its’ Executive Committee as worldwide chairman of medical devices & diagnostics, and vice president of the Office of Strategy & Growth.
In addition to prior equity financing of approximately $10 million, SPR has received nearly $23 million to date in non-dilutive funding from sources including the U.S. Department of Defense and the National Institutes of Health.