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Venture Capital News: Neuros Medical Inks Second Round of Funding

CLEVELAND, OH, Medical device company announced it has raised a $3.5 million round of funding, led by Boston Scientific and Glengary.
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Neuros Medical, Inc., a medical device company, announced it has raised a $3.5 million round of funding, led by Boston Scientific and Glengary LLC. Also joining in the round were current investors Case Tech Ventures, JumpStart Ventures, NorthCoast Angel Fund, Ohio Tech Angel Fund, Queen City Angel Fund III, Physician Investment Group, as well as new investors RiverVest Venture Partners, LLC, Blue Tree Allied Angels, and ModelVest.

"Building upon our initial investment of Neuros in 2009, we're proud to continue our support," stated Stephen R. Haynes, Managing Partner, Glengary LLC. "The team at Neuros has continued to meet their objectives and increase the value of the Company, as was evident by the successful execution of the first-in-man feasibility study which produced significant pain reduction results," he added.

"Having the strong support of our current investors, as well as from a well-respected industry leader in Boston Scientific, sends a strong signal that our execution to date and efforts going forward are well received," said Jon J. Snyder, President and CEO Neuros Medical.

Neuros Medical recently received an Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA), allowing it to commence a pilot clinical trial to evaluate the Company's patented high frequency Electrical Nerve Block™ technology for use in acute treatment of pain in the residual limb of amputees. The trial is currently underway.

About Neuros Medical, Inc.

Neuros Medical, a Cleveland, Ohio based neuromodulation company, is focused on developing proprietary therapies for unmet needs to patients worldwide. The Company's patented platform technology, Electrical Nerve Block™, is focused on the elimination of chronic pain in a variety of applications including amputation pain, chronic post-surgical pain, chronic migraine, and trigeminal neuralgia.

Neuros Medical, Inc.
Jon J. Snyder, President and CEO, 440-951-BLOK (2565)
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