Neuspera Medical today announced it raised $23 million in a recent Series D funding round.
The San Jose, California-based company’s latest funding round was led by Vertex Ventures and Treo Ventures. Action Potential Venture Capital, Windham Venture Partners, Olympus Innovation Ventures and another strategic investor contributed to the Series D fundraising.
Neuspera Medical earmarked the funds to get its urinary urge incontinence (UUI) implant through the FDA premarket approval process. The Neuspera System is a discreet, minimally invasive, ultra-miniaturized implant designed to provide patients with personal control and relief from UUI, a symptom of overactive bladder (OAB).
“As a partner of choice for innovators in urology, we are thrilled to invest in the Neuspera team as they bring the Neuspera System through FDA approval and to the market,” said Gabriela Kaynor, President of Olympus Innovation Ventures and Chief Strategy Officer at Olympus Corporation. “Based on critical unmet market need and patient demand, changes in society guidelines, and positive feedback from patients and physicians in clinical trials, we are excited to invest in the Neuspera team as they build their innovative Neuspera System for OAB.”
OAB affects roughly one in six adults, according to the company. Symptoms can include a sudden, uncontrolled need or urge to urinate, urine leakage, and/or the need to pass urine many times during the night and day.
The Neuspera System is a non-invasive sacral neuromodulation device that includes an ultra-miniaturized pulse generator attached to an electrode array. It is discreet and can fit within the protected space of the sacral foramen. The company designed it to eliminate the need for more invasive tunneling and a separate pocket for an implanted battery.
“We’re excited to bring new partners on board as we approach the next significant milestone of submitting the Neuspera System for regulatory approval,” said Steffen Hovard, CEO of Neuspera Medical. “The confidence and conviction of our new and existing investors, like Olympus Innovation Ventures, demonstrates the strength and potential of our platform technology.”
Neuspera has received FDA clearance for the system to treat chronic pain of peripheral nerve origin and is currently an investigational device for treating UUI, a symptom associated with OAB.
