CLEVELAND, OH, Neuromodulation company, announced today that it has closed a $20 million Series AA venture capital financing.
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Neuros Medical, Inc., a neuromodulation company, announced today that it has closed a $20 million Series AA venture capital financing. U.S. Venture Partners led the financing, and was joined by Boston Scientific, Aperture Venture Partners, Osage University Partners, and JumpStart, Inc.
Alan Kaganov, Sc.D. and Casey Tansey of U.S. Venture Partners have joined Neuros Medical's Board of Directors, as have Tony Natale, M.D., of Aperture Venture Partners and Bill Harrington, M.D., of Osage University Partners. Dr. Kaganov will serve as Chairman of the Board.
"We are delighted to have procured this investment, and welcome Alan, Casey, Tony, and Bill to the Neuros Board. Together, they bring substantial experience and expertise in building innovative medical technology companies," said Jon Snyder, President and Chief Executive Officer. "We will utilize these funds to complete our initial pivotal IDE clinical study, which is evaluating the use of our patented AltiusĀ® System High Frequency Nerve Block technology for the management of post-amputation pain, and, ultimately, to secure Pre-Market Approval (PMA) from the Food & Drug Administration (FDA). The prospective, randomized, controlled pivotal clinical trial will consist of up to 130 patients at 15 institutions to evaluate the safety and efficacy of Neuros Medical's Altius System. We will also continue efforts to pursue additional clinical indications that address chronic nerve pain."
"I am delighted to assume a leadership role at Neuros, and believe that the Company will demonstrate the potential to provide both patients and physicians with a safe and effective therapy that can address significant unmet clinical needs, including the initial indication of post-amputation pain," said Dr. Kaganov.
About Neuros Medical, Inc.
Neuros Medical, Inc. is a neuromodulation company that is focused on developing proprietary therapies for unmet needs to patients worldwide. The Company's patented platform Technology, the AltiusĀ® High Frequency Electrical Nerve Block, is focused on the elimination of chronic pain in a variety of conditions, including amputation pain, post-surgical pain, migraine, and trigeminal neuralgia. The Neuros Altius System consists of an implantable generator with an integrated rechargeable battery, cuff electrode, and external devices (Clinician Programming Wand, Patient Controller and Charger).