Menlo Park, Calif.-based Nevro Corp. raised $48 million in a Series C financing round in support of its high-frequency spinal cord stimulation technology, including investments from Covidien (NYSE:COV) Ventures and Johnson & Johnson (NYSE:JNJ) Development Corp.
Nevro develops and markets the Senza HF-SCS system for treatment of chronic pain and other disorders. In July 2012 the company won FDA approval to begin a pivotal trial of the Senza system.
The new funding will help support that pivotal study, according to a Nevro press release. The company plans to invest in clinical evidence for new indications and to fund international and U.S. commercializations plans.
"The round was led by new investor Novo Ventures, joined by New Enterprise Associates and Covidien Ventures," the company reported. "Existing investors participating in this financing round included Accuitive Medical Ventures, Bay City Capital, Johnson & Johnson Development Corporation, Mayo Clinic, MPM Capital, and Three Arch Partners."
"Since our last round of financing, we have initiated a substantial U.S. pivotal study, built a growing intellectual property portfolio, and demonstrated commercial traction at leading pain centers in key international markets," Nevro CEO Michael DeMane said in prepared remarks. "With this investment, we are well positioned to complete our pivotal study, seek U.S. regulatory approval, and extend access to this innovative therapy to patients in the U.S."