Cleveland-area startup SPR Therapeutics closed a $7.8 million Series A financing round to commercialize its neurostimulation pain relief device.
The funding came from NDI Healthcare Fund, Public Square Partners and individual investors, according to a press release.
"We will be conducting clinical studies in multiple pain indications, including post-operative joint pain, low back pain, and a pivotal trial to support FDA clearance for use of our Smartpatch system in treating our 1st indication, post-stroke shoulder pain," president & CEO Maria Bennett said in prepared remarks.
The SPR System, which is under investigation in the U.S., consists of the Smartpatch, a minimally invasive device designed for reducing chronic shoulder pain, and Micropulse, a fully implantable device for long-term pain management. Bennett said the company’s 1st product, Smartpatch, is expected to receive CE Mark approval soon in the European Union.
SPR’s technology uses an external generator to electrically stimulate a peripheral nerve to exercise a muscle and treat pain. The Smartpatch system is intended for up to 30 days of use, according to the release.
s in 2011, the company landed a $250,000 investment from Cleveland-based venture development group JumpStart. SPR Therapeutics has received over $10.7 million since the company was founded in 2010, according to the release.