Checkpoint Surgical Inc., the Independence, Ohio-based company that develops medical devices to protect and repair nerves, has raised $16 million to support a sales expansion and multiple product launches, as well as research and development.
Surgeons use Checkpoint Surgical's nerve stimulation devices to help them protect, assess and repair motor nerves during surgery, the company said in a press release.
"This funding will fuel the advances in peripheral nerve care we are pursuing in collaboration with nerve care specialists through innovative research and product development," said Len Cosentino, Checkpoint's president and CEO, in the release.
River Cities Capital, the healthcare-focused growth equity firm in Cincinnati, led the capital raise with participation from existing investors, including venture funds Mutual Capital Partners and JumpStart NEXT Fund in Cleveland, Checkpoint said.
Checkpoint has raised $41.7 million since 2009 when Cleveland venture developer JumpStart invested $1.1 million in the company's first investment round, according to Crunchbase.
"We witnessed firsthand Checkpoint's impressive growth and development of a leadership position in the peripheral nerve care space," said Wayne Wallace, managing director of Mutual Capital Partners, who was instrumental in bringing River Cities to the table, according to the release.
River Cities' previous contact with Checkpoint management gave the Cincinnati firm "great confidence" on Checkpoint's ability to make good on its opportunities, said Carter McNabb, managing director at River Cities Capital, in the release.
"We are in the early innings of peripheral nerve management, and Checkpoint will be a significant factor in the space going forward," McNabb said.
