Neuros Medical Raises $38.5M in Series BB Funding for Completion of Pivotal Clinical Study for Chronic Post-Amputation Pain
CLEVELAND and ALISO VIEJO, Calif., Jan. 7, 2021 /PRNewswire/ -- Neuros Medical, Inc., a medical device company developing innovative high-frequency nerve block technology for patients with intractable post-amputation pain, announced today the close of a Series BB financing totaling $38.5 million.
The financing 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 financing provides Neuros with capital 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.
"We are fortunate to have the support of a strong consortium of life sciences venture capital firms and welcome Amzak Health, Sectoral Asset Management, and InCube Ventures as investors in Neuros," said Tom Wilder, President and Chief Executive Officer.
"The QUEST Study is a rigorous clinical trial that is being conducted in an historically understudied population," said Joyce Erony of Amzak and Marc-Andre Marcotte of Sectoral. "Altius has the potential to become a very important treatment alternative for the large, addressable pool of patients who suffer from chronic post-amputation pain, including an opportunity to reduce ongoing dependency on opioids."
About Neuros Medical, Inc.
Neuros Medical, a neuromodulation company, 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).
Chronic pain is characterized as pain lasting more than 3 months in duration. Post-amputation pain includes both phantom limb and residual limb (or "stump") pain, and impacts nearly one million Americans. There are nearly two million amputees in the U.S., with 185,000 new amputations occurring every year. Post-amputation pain represents a significant unmet medical need, as existing treatment options are limited and consist primarily of opioids and gabapentinoids.
For more information, please visit www.neurosmedical.com. Additional information regarding the QUEST IDE study can be found at https://clinicaltrials.gov/ct2/show/NCT02221934.
Caution – Investigational Device. Limited by Federal (or United States) law to investigational use.
For additional information regarding Neuros Medical, please contact:
Amy Smith, VP Global Marketing
[email protected]
www.neurosmedical.com
(440) 951-2565, Ext. 127
SOURCE Neuros Medical
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