Neurostimulation startup Neuros Medical, which is developing a device to block the chronic pain of amputees, has secured a new investor in RiverVest Venture Partners.
RiverVest will participate in Neuros’ next funding round, which is expected to close in a few months and is being led by existing investor Glengary. Neuros CEO Jon Snyder has said the Cleveland-area company is targeting $3.5 million for the round, which the company is labeling a series A1.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Neuros is developing a device that uses a pacemaker-sized generator and an electrode to stimulate nerves to block pain from amputations — sometimes called stump pain — without the use of drugs. In November, Neuros received regulatory approval to begin a pilot clinical trial of the device.
Snyder has said he anticipates market launch of the device sometime in 2014.
Neuros raised $1.8 million in 2009. A year later, the company received a $1.5 million grant from the U.S. Department of Defense, as the device holds promise in helping relieve pain for soldiers who have lost limbs.
St. Louis-based RiverVest has enjoyed a strong run recently with its healthcare investments. The venture firm said it exited four healthcare portfolio companies last year, with sales to the likes of industry giants Medtronic and Pfizer.
[Photo from flickr user 1-25_sbct]
