Neuromodulation technology developer Neuros Medical filed an SEC Form D to confirm the sale of nearly $37 million in equity.
Willoughby Hills, Ohio-based Neuros Medical made the first sale in the new notice offering on Oct. 27, 2020, and listed in the SEC filing that it does not intend for it to last longer than one year. So far, 24 investors have participated in the financing.
The equity offering, which is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer, is listed with a total amount of nearly $42.8 million. With the $37 million sold, approximately $5.8 million remains to be sold.
Neuros Medical did not list an intended use of proceeds in connection with the offering. The company develops its proprietary High-Frequency Nerve Block technology, which is focused on the treatment of chronic post-amputation pain (phantom limb pain and residual limb pain).
The technology is designed to deliver a high-frequency electrical signal to sensory nerves in the peripheral nervous system to block the pain signal. It includes an electrode, which is placed around a peripheral nerve and an implantable pulse generator.