SPR Therapeutics in Highland Hills, Ohio, has raised $37 million to speed the market rollout of its electrical pain treatment device designed to avoid the use of addictive opioids.
The investment also will be used to support clinical research to advance other technologies focused on relieving pain after surgery, SPR Therapeutics said in a press release.
Revelation Partners, the venture capital firm in San Francisco, led the oversubscribed, late-stage financing with additional investment from Mutual Capital Partners in Westlake, Ohio, and River Cities Capital in Cincinnati, SPR Therapeutics said.
SPR's Sprint Peripheral Nerve Stimulation device is a 60-day treatment designed to be used early in a patient's care for relief from low back, shoulder and knee pain, as well as neuropathic pain in amputees.
In the past year, the pace of Spring PNS System use has more than doubled, having now treated over 6,500 patients, SPR Therapeutics said.
"This funding will help the company to continue on its strong growth trajectory to provide this treatment to more patients in need," said Scott Halsted, founder and managing partner at Revelation Partners, in SPR's release.
The funding will enable SPR to speed market adoption of its Spring PNS System in the interventional pain management community.
"There is clear interest from physicians and patients in avoiding the use of opioids and permanent implants when possible," said Maria Bennett, CEO, president and founder of SPR Therapeutics, in her company's release.
SPR’s equity financing has been supplemented with non-dilutive, competitive grant and contract funding from federal agencies, the company said.
