Neuroprotective device maker Checkpoint Surgical said it closed its 1st round of institutional financing, bringing in $7.5 million for its Checkpoint handheld nerve monitor.
The Checkpoint Stimulator/Locater stimulates motor nerves so surgeons can avoid damaging them during surgery. The device also helps physicians gauge nerve and muscle health. The device has been on the U.S. market since 2009.
The round was led by Chicago-based private growth-equity investor First Analysis, and was joined by existing backers NDI Healthcare Fund, JumpStart NEXT Fund and several individual investors.
“Intra-operative nerve injury is a significant risk faced by millions of patients every year. Checkpoint has developed unique, effective and simple tools that put control in the surgeon’s hands. We are excited to support the management team as they expand their core markets and develop new tools,” First Analysis managing director Tracy Marshbanks said in a press release.
The Cleveland, Ohio-based company said the funds will enable it to continue growing in its core market of orthopedic and head and neck procedures and expand into new procedure markets with new products.
“We are very happy to have First Analysis join our team. Their extensive experience researching and investing in the health care sector will provide invaluable insight going forward. The investment will enable us to accelerate our mission to provide start-of-the-art solutions for perioperative protection, assessment, and repair of neuromuscular function,” Checkpoint Surgical CEO Len Cosentino said in prepared remarks.