SPR Therapeutics Inc. has raised $85 million in debt and equity to expand sales representation for its chronic pain-relieving technology in more U.S. sales territories.
Based in Highland Hills, Ohio, SPR Therapeutics has raised $25 million in equity and a $60 million debt facility from SLR Capital Partners during its latest funding round, the medical technology company said Thursday.
Revelation Partners led the Series D equity financing, which included existing investors, RC Capital and Mutual Capital Partners in Westlake, Ohio. Armentum Partners served as SPR Therapeutics' financial advisor for the funding round.
SPR Therapeutics plans to use the new funding to capitalize on commercial momentum, customer demand and market opportunity, generated partly through the company's education efforts during Covid, to expand sales for its Sprint PNS (Peripheral Nerve Stimulation) system, which relieves chronic pain without the use of opioids or surgery.
"We have seen strong adoption of the Sprint System in the last two years, resulting in nearly 200% growth of our team and tremendous year-over-year revenue growth of more than 50% from 2022 to 2023," said Maria Bennett, president, CEO and founder of SPR Therapeutics, in a statement.
Sprint works differently from drugs, neuromodulation devices and surgeries that disrupt pain signals along nerves.
"Sprint PNS is a 60-day therapy that offers significant pain relief by stimulating nerves injured by disease or trauma," Bennett said in a 2022 interview with the Cleveland Business Journal.
"Our system of implanted lead wires and an external pulse generator calms the nerves while providing healthy input to the brain, which has been sensitized to chronic pain," Bennett said. "We reverse this sensitization, which provides long-lasting pain relief."
SPR Therapeutics also said it plans to use its latest funding to support product development and to build upon the largest set of peer-reviewed published peripheral nerve stimulation data in the industry.
"We focus on investments in rapidly growing health care companies that are successfully addressing an unmet need, and SPR Therapeutics is a strong example of that, given the accelerating adoption within the marketplace," said Scott Halsted, managing partner at Revelation Partners, in the statement.
Revelation Partners in San Francisco also led SPR Therapeutic's $37 million fundraising in 2021.
SPR Therapeutics won Cleveland Inno's inaugural Inno Madness competition in 2022.
