SAN JOSE, Calif., July 20, 2021 /PRNewswire/ -- Neuspera Medical Inc., a clinical stage, private venture capital backed neuromodulation company, today announced the closing of the company's $65 million series C equity financing. The Series C round was co-led by Vertex Ventures HC and Treo Ventures. Lori Hu, a Managing Director at Vertex Ventures HC and Mudit K. Jain, Ph.D. Managing Partner, Treo Ventures, joined the Board of Directors. Returning Series A and Series B investors include Action Potential Venture Capital and Windham Venture Partners. The proceeds will fund the company's SANS-UUI pivotal clinical study of its miniaturized implantable neuromodulation technology platform for use in subjects with Urinary Urgency Incontinence, a symptom of overactive bladder (OAB).
Neuspera Medical Inc. is a medical device company that leverages both exclusively licensed and proprietary power transfer techniques to engineer miniaturized neuromodulation technologies – sometimes referred to as bioelectronic medicines. Neuspera's hermetically sealed implantable modules are more than 100 times smaller than neuromodulation devices using a traditional implanted battery power source and may reduce implant procedure complexity, patient complication, and post-surgical pain.
"Vertex Ventures HC is focused on enabling transformative solutions that help to improve the quality of human life." said Lori Hu of Vertex Ventures HC. "We see the Neuspera platform as a catalyst for bringing the known thereapeutic benefits of implantable devices to a significantly broader population of deserving patients."
"Neuspera is leveraging meaningful clinical experience to accelerate the development of its therapy platform that has the potential to significantly impact the lives of millions of patients. We are extremely excited to be part of the next phase of Neuspera's growth, " said Mudit K. Jain, PhD of Treo Ventures.
"We are excited to see the first cohort of patients experiencing the known benefits of sacral nerve stimulation through the use of our ultra-miniaturized neuromodulation platform – driven by the support of the physician investigators in the SANS-UUI clinical trial." said Milton M. Morris, Ph.D., President & CEO of Neuspera Medical. "We are excited to continue our focused efforts on enabling access to the known benefits of neuromodulation to patients who are struggling with chronic and debilitating medical conditions."
About Neuspera Neuspera Medical, Inc. (San Jose, CA) is committed to developing implantable medical device technology that will improve lives of patients battling with chronic illness. The company is leveraging its' proprietary Mid-Field Powering Technology, which allows for devices that are significantly smaller, implanted deeper, and may prove to be more reliable than other miniaturized neuromodulation technologies. This technology platform will provide patients and physicians new, and potentially earlier treatment options that are less invasive and more adaptable.
About Vertex Ventures HC Vertex Ventures HC (Palo Alto, CA) invests in various sectors of the healthcare industry, including biopharmaceuticals, medical devices and digital health. The Vertex portfolio includes companies at all stages of development, from early-stage companies testing transformative technologies to commercial-stage companies seeking additional growth. With a focus on areas with significant unmet need, Vertex seeks to build great companies that improve the health and quality of human life. Vertex will take an active role in their portfolio companies and work with exceptional entrepreneurs, industry partners and fellow venture investors to create value. The global investment professionals at Vertex bring deep scientific, medical and business knowledge to every investment they make.
About Treo Ventures The Treo team brings more than 80 years of cumulative healthcare experiences in investing and operational roles. Treo has invested globally in more than 60 companies through multiple market cycles. The team has worked together on a number of healthcare investments over the last 12 years prior to forming Treo Ventures. The Treo team has been involved in some of the premium healthcare companies bringing novel technologies to market. With over 80 years of combined operational and investing experiences across early and commercial stage companies, Treo team has played an active and important role from founding companies to liquidity via trade sales to multiple strategics and IPOs. Treo's experiences on private and public company boards gives them a unique vantage point in their active involvement with portfolio companies. In addition, their scientific and commercial backgrounds along with global relationships have helped them play an important role in consistently building some of the most successful healthcare companies over last two decades.