Neuros Medical today said it raised $20 million in what it’s calling a Series AA round, pledging the proceeds to a pivotal study of its Altius neurostimulation technology.
Cleveland-based Neuros said the round was led by U.S. Venture Partners and included prior backers Boston Scientific (NYSE:BSX) and JumpStart plus contributions from Aperture Venture Partners and Osage University Partners.
Neuros raised $3.5 million in 2012, adding to a $1.5 million grant it landed in 2010 from the Pentagon’s Defense Medical Research & Development program. Its Altius device is designed to treat amputation and post-surgical pain, migraine and trigeminal neuralgia using an implantable high-frequency alternating current generator and cuff electrode around a peripheral nerve such as the sciatic or common peroneal.
Alan Kaganov of U.S. Venture Partners was named chairman, joined on the Neuros board by colleague Casey Tansey and Drs. Tony Natale of Aperture Venture Partners and Bill Harrington of Osage University Partners, the company said.
“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,” president & CEO Jon Snyder said in prepared remarks. “We will utilize these funds to complete our initial pivotal IDE clinical study, which is evaluating the use of our patented Altius system high-frequency nerve block technology for the management of post-amputation pain, and, ultimately, to secure pre-market approval from the 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,” Kaganov added.