Printed 14 September 2017
SPR Therapeutics, a personal medical device company which has created a novel neurostimulation technology for chronic and acute discomfort, has announced the conclusion of $25m in series C financing.
An investment will be employed to commercialize its Food and drug administration-removed Sprint peripheral nerve stimulation (PNS) system and also to fund additional research across multiple indications including publish-surgical acute discomfort and chronic mid back discomfort.
A prominent family office and Frontcourt Ventures brought the round.
The funding comes at any given time when opioid use, abuse and addiction are fueling a devastating nationwide epidemic with 91 Americans dying every single day from your opioid overdose. The SPRINT PNS System provides a non-narcotic solution for that relief of chronic and acute discomfort.
The treatment utilizes a threadlike wire placed with the skin, which connects to some wearable stimulator to activate target nerve fibers to attain discomfort relief. It delivers sustained, significant discomfort relief without opioids, permanent implants or tissue destruction.
“The opioid crisis is personal to all of us at SPR, as the house condition of Ohio has among the greatest drug overdose dying rates in america,Inches stated Maria Bennett, Chief executive officer, President and founding father of SPR. “This funding will let us offer SPRINT, a effective and safe discomfort-relief therapy, to more discomfort sufferers.”
The organization also announced the appointment of Nick Valeriani towards the SPR board of company directors. Mr. Valeriani is really a distinguished and experienced healthcare leader getting formerly offered because the Chief executive officer of West Health insurance and just before that, spent 34 years with Manley & Manley serving on its Executive Committee as worldwide chairman of medical devices & diagnostics, and v . p . from the Office of Strategy & Growth.
“Nick is a vital accessory for the SPR Board because he has deep knowledge of effectively commercializing numerous, game-altering therapies. He’s a visionary in the area of healthcare and it has frequently been in front of the curve in identifying global healthcare trends,” stated Bennett.
“The SPR Therapeutics leadership team is composed of recognized experts within the neuromodulation and discomfort management industries,” stated Mr. Valeriani. “I am excited to aid Maria and her gifted team because they get this to innovative, groundbreaking technology commercially accessible to huge numbers of people seeking non-opioid relief of chronic and acute discomfort.”
Additionally to prior equity financing of roughly $ten million, SPR has gotten nearly $23 million up to now in non-dilutive funding from sources such as the U.S. Dod and also the National Institutes of Health.
Source: Company Pr Release