Neuros Medical, part of the iSelect healthcare portfolio since 2016, closed a $20 million Series AA financing round, led by U.S. Venture Partners and joined by iSelect, Boston Scientific, Aperture Venture Partners, Osage University Partners, and JumpStart, Inc.
Neuros says it plans to use the funds to complete its initial pivotal IDE clinical study, which is evaluating the use of its patented Altius® System High Frequency Nerve Block technology for the management of post-amputation pain, and, ultimately, to secure Pre-Market Approval (PMA) from the Food & Drug Administration (FDA). The prospective, randomized, controlled pivotal clinical trial will consist of up to 130 patients at 15 institutions to evaluate the safety and efficacy of Neuros Medical’s Altius System. The company will also continue its efforts to pursue additional clinical indications that address chronic nerve pain.
Based in Cleveland, Ohio, Neuros Medical is developing a breakthrough pain management technology that delivers a high-frequency signal to sensory nerves to block pain signals. The system consists of an electrode that is placed around a nerve and powered by a pacemaker-sized generator. Pilot studies among patients with post-amputation pain have shown significant pain reductions, leading more than half of study patients to discontinue their pain medication.
Chronic pain affects over 100 million Americans. Neuros is working to bring effective treatments to this large and growing market.