SPR Therapeutics has raised $8 million of a $20 million Series C round of funding that began Jan. 19, according to an SEC filing.
The Cleveland-based company’s Sprint peripheral nerve stimulation (PNS) system is FDA-cleared for both chronic and acute pain, including post-operative and post-traumatic pain. The product was launched in November 2018 with indications for treating both acute and chronic pain.
The company also recently announced that it has named Peter Staats, M.D., as its chief medical advisor. Staats brings nearly three decades of entrepreneurial experience in pain management and neuromodulation technology to the role, according to a company statement.
Staats has served as the president of the American Society of Interventional Pain Physicians, the North American Neuromodulation Society, the New Jersey Society of Interventional Pain Physicians, and the Southern Pain Society, and has co-edited or authored 10 textbooks on pain medicine and written nearly 300 articles, book chapters and abstracts on the diagnosis and management of complex pain problems.
Staats founded the Division of Pain Medicine at Johns Hopkins University School of Medicine in 1994 and served as its director for 10 years. He later was a founding partner in Premier Pain Centers in New Jersey, which recently merged with National Spine and Pain Centers.
Staats will provide advice and guidance to SPR in the areas of patient selection, clinical trial design, physician training, product enhancements, and reimbursement strategies, among others, the company said.
SPR Therapeutics said in October that it received $10 million from two new grants and a contract from the US Dept. of Defense, all to support its percutaneous peripheral nerve stimulation therapy intended as a non-opioid pain relief therapy for both acute and chronic pain.