Cleveland, OH- based Neuros Medical announced that it raised $3.5 million in its latest round of funding, with Boston Scientific (NYSE:BSX) and Glengary leading the investment.
Neuros recently received an investigational device exemption from the FDA to evaluate its chronic pain management system, the electrical nerve block, for use in amputee patients to manage pain in the residual limb.
"Having the strong support of our current investors, as well as from a well-respected industry leader in Boston Scientific, sends a strong signal that our execution to date and efforts going forward are well received," said Jon Snyder, president and CEO Neuros Medical in prepared remarks.
Boston Scientific is no stranger to the pain management market, but the company nearly bowed out late last year.
Boston Scientific nearly sold its neurostimulation division to Stryker (NYSE:SYK), but the Natick, Mass.-based medical device maker spiked the deal when the bid didn’t rise high enough. The company then doubled down on the pain management division with a $78 million buyout of Intelect Medical Inc., developer of the Guide deep-brain stimulation programming system.
