Want to know what's happening next in healthcare?

MedCityNews is the leading online news source for the business of innovation in healthcare.


“MedCity is invaluable among the many sources of industry reporting because the team endeavor to bring the truly new, and innovative opportunities and developments to light.”

Ken Kirby, President, Transdermal Delivery Solutions Corp


Sign up for our daily newsletter


Neurostimulation device firm SPR Therapeutics expands series A to $5M, awaits CE Mark

January 8, 2013 3:37 pm by | 0 Comments

 

Cleveland-based medical device company SPR Therapeutics has upped its series A yet again and raised an additional $2.8 million, which brings its total to $5 million from NDI Healthcare Fund, Public Square Partners and individual investors.

CEO Maria Bennett said the funding will help the company commercialize its peripheral nerve stimulation technology platform. The first part of its two-stage platform, the Smartpatch, is ready for a phase 3 pivotal trial in the U.S. that will begin enrolling at six clinical sites over the next few months, she said.

Advertisement

It’s also awaiting CE Mark certification, which Bennett said she anticipates getting the official OK “any day now.”

In its initial application, the device will address post-stroke shoulder pain.

The Smartpatch comprises an external stimulator that snaps on to an adhesive patch placed on the skin. The stimulator connects to a single lead that’s placed into the deltoid muscle by a physician in an office-based procedure. Patients use the device to deliver electronic stimulation to the muscle for a few hours each day, for up to 30 days. Bennett said that some patients in past studies have reported pain relief even after the 30 days of use.

For those who have persistent pain, SPR is also developing the Micropulse system, which is a similar nerve stimulation device that’s implanted under the skin for long-term pain management.

In the U.S., an estimated 700,000 to 800,000 strokes occur each year, and shoulder pain affects up to one-third of survivors, according to the Post-Stroke Rehabilitation Outcomes Project. The Smartpatch is designed to give patients with moderate to severe pain another option besides drugs or surgically implanted devices. In the future, it could be used to address other pain indications including acute and chronic joint pain and post-amputation pain.

Since its founding in January 2010, SPR has raised $10.7 million including $5.7 million in nondilutive funding from grants and loans from the National Institutes of Health, U.S. Department of Defense and the State of Ohio. Bennett said the company is looking for strategic partners and has already engaged with several potential partners.

[Photo from SPR Therapeutics]

Copyright 2014 MedCity News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Deanna Pogorelc

By Deanna Pogorelc MedCity News

Deanna Pogorelc is a Cleveland-based reporter who writes obsessively about life science startups across the country, looking to technology transfer offices, startup incubators and investment funds to see what’s next in healthcare. She has a bachelor’s degree in journalism from Ball State University and previously covered business and education for a northeast Indiana newspaper.
More posts by Author

0 comments