Neuros Medical, Inc., a Willoughby Hills, OH-based medical device company developing innovative high-frequency nerve block technology for patients with intractable post-amputation pain, closed a Series BB financing totaling $38.5m.
The round was co-led by new investors Amzak Health and Sectoral Asset Management, joined by InCube Ventures, existing investors U.S. Venture Partners, Osage University Partners, and Aperture Venture Partners, and other existing and new investors. Joyce Erony of Amzak Health and Marc-Andre Marcotte of Sectoral Asset Management have joined Neuros’ Board of Directors. Andrew Farquharson of InCube Ventures is serving as a Board Observer.
The company intends to use the funds to complete enrollment of the pivotal QUEST (High-FreQUEncy Nerve Block for PoST-Amputation Pain) study, and to submit an anticipated application for Pre-Market Approval. QUEST is a 180-subject, randomized, double blinded, active sham controlled clinical trial that is being conducted under an Investigational Device Exemption (IDE). QUEST is designed to assess the safety & effectiveness of the Company’s Altius®High-Frequency Nerve Block system to treat intractable post-amputation pain.
Led by Tom Wilder, President and Chief Executive Officer, Neuros Medical is a neuromodulation company that has developed the Altius system for the treatment of chronic post-amputation pain (Phantom Limb Pain and Residual Limb Pain). Altius incorporates the Company’s patented platform technology, High-Frequency Nerve Block.
Originally invented by Drs. Kevin Kilgore and Niloy Bhadra of Case Western Reserve University, Neuros’ technology delivers a high-frequency electrical signal to sensory nerves in the peripheral nervous system to block the pain signal. The system consists of a nerve cuff electrode (also known as a lead) placed around a peripheral nerve and an implantable pulse generator (IPG).