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.
Carticept Medical closed a $10 million financing led by existing investors Domain Associates, New Enterprise Associates and SonoSite Inc.
The Alpharetta, Ga.-based company said it will use the proceeds to fund the commercial launch of its Navigator computer-controlled drug delivery system. The device uses ultrasound guidance to deliver medications for joint pain.
Semprus BioSciences Corp. won a $1 million grant to develop orthopedic devices resistant to biofilm formation for the U.S. Army’s Telemedicine & Advanced Technology Research Center.
Biofilms are the foundation for the most bacterial complications associated with implanted medical devices, according to a Semprus press release.
Neurostimulation company SPR Therapeutics LLC received a $250,000 investment from JumpStart to help develop and commercialize its pain relief medical device.
SPR’s first product, the minimally invasive Smartpatch, is aimed at reducing shoulder pain in patients who’ve suffered strokes.
The technology works via an external generator that electrically stimulates a peripheral nerve to exercise a muscle and treat a patient’s pain.
Assuming all goes well in a federal regulatory review, neurotechnology startup SPR Therapeutics LLC expects to begin commercializing its first product, a pain relief device, by the end of the year.
Year-old SPR (it stands for “stimulation for pain relief”) is one of the newest members of the Cleveland area’s growing cluster of neurotechnology firms.
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