CLEVELAND, OH, SPR Therapeutics, (SPR) a private medical device company that has developed a novel neurostimulation technology for chronic and acute pain, announced today the completion of $25 million in Series C Financing.
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The investment will be used to commercialize its FDA-cleared SPRINT Peripheral Nerve Stimulation (PNS) System and to fund additional research across multiple indications including post-surgical acute pain and chronic low back pain. A prominent family office and Frontcourt Ventures led the round.
The funding comes at a time when opioid use, abuse and addiction are fueling a devastating nationwide epidemic with 91 Americans dying every day from an opioid overdose. The SPRINT PNS System offers a non-narcotic solution for the relief of chronic and acute pain. The therapy uses a threadlike wire placed through the skin, which connects to a wearable stimulator to activate target nerve fibers to achieve pain relief. It delivers sustained, significant pain relief without opioids, permanent implants or tissue destruction.
"The opioid crisis is personal to us at SPR, as our home state of Ohio has one of the highest drug overdose death rates in the nation," said Maria Bennett, CEO, President and Founder of SPR. "This funding will allow us to offer SPRINT, a safe and effective pain-relief therapy, to more pain sufferers."
The company also announced the appointment of Nick Valeriani to the SPR board of directors. Mr. Valeriani is a distinguished and experienced healthcare leader having previously served as the CEO of West Health and prior to that, spent 34 years with Johnson & Johnson serving on its Executive Committee as worldwide chairman of medical devices & diagnostics, and vice president of the Office of Strategy & Growth.
"Nick is an important addition to the SPR Board as he has deep expertise in successfully commercializing numerous, game-changing therapies. He is a visionary in the field of health care and has often been ahead of the curve in identifying global healthcare trends," said Bennett.
"The SPR Therapeutics leadership team is comprised of recognized experts in the neuromodulation and pain management industries," said Mr. Valeriani. "I am excited to support Maria and her talented team as they make this innovative, groundbreaking technology commercially available to millions of people seeking non-opioid relief of chronic and acute pain."
In addition to prior equity financing of approximately $10 million, SPR has received nearly $23 million to date in non-dilutive funding from sources including the U.S. Department of Defense and the National Institutes of Health.
About SPR Therapeutics
SPR Therapeutics, Inc. is a private company headquartered in Cleveland. The company is commercializing its SPRINT technology which provides opioid-free, peripheral nerve stimulation for the relief of chronic and acute pain, and is advancing additional clinical trials to treat low back pain, neuropathic pain and pain following total knee replacement. The SPR-patented SPRINT technology received FDA clearance for commercial use in the U.S.