Neuros Medical Files for IPO Following $56M Series D Funding to Commercialize Altius Direct Electrical Nerve Stimulation System

July 9, 2025, U.S. medical technology companyNeuros MedicalAnnouncement,Completed a Series D financing round amounting to USD 56 million (approximately RMB 402 million).This round of financing was led by EQT Life Sciences, with existing investors including US Venture Partners, Amzak Health, Osage University Partners, Sectoral Asset Management, and Aperture Venture Partners also participating in the follow-on investment.

This financing not only provides robust financial support for Neuros Medical to fully commercialize its innovative Altius Direct Electrical Nerve Stimulation System in the U.S. market, but also underscores the capital markets’ heightened interest in non-opioid pain management technologies.

# Use of Funds

Neuros MedicalNeuros Medical, Inc. is a medical device company headquartered in California, USA, specializing in the development of neuromodulation technologies to address chronic post-amputation pain, such as phantom limb pain and residual limb pain.

According to Neuros Medical, the funds raised in this round will be primarily allocated to the following areas:

• Full Commercialization：Accelerate the promotion of the Altius system in the U.S. market, including building a more robust sales team, establishing a distribution network, and strengthening clinician education and training.

• Technical Optimization and Exploration of New Indications：Further refine the human factors engineering design of the Altius system to enhance product usability, and explore its application potential in other types of chronic neuropathic pain (such as neuropathic pain, diabetic peripheral neuropathy, etc.).

• Production and Supply Chain Development：Ensure the production quality and stable supply of devices to support rapid commercialization.

Commenting on this round of investment, Dr. Fouad Azzam of EQT Life Sciences stated, “Neuros Medical is addressing a long-standing unmet clinical challenge in the field of chronic pain management. Altius not only represents technological innovation but also has the potential to profoundly improve the quality of life for millions of patients worldwide. We are delighted to be part of this team.”

# Continuously Expanding Market Demand

In the United States, approximately 2 million patients have undergone amputation, with an estimated 180,000 to 300,000 new cases annually. The majority of these are lower-limb amputations. Of greater concern is chronic post-amputation pain (including phantom limb pain and residual limb pain), which affects up to 80% of amputees, corresponding to a substantial patient population of over 1 million individuals. Traditional treatments primarily rely on opioids or neuromodulatory agents such as gabapentin. However, these medications often provide limited pain relief and are associated with issues such as addiction, tolerance, and serious side effects.

As the U.S. public health system places increasing emphasis on the opioid crisis, and as patients and healthcare systems demand safer and more effective treatment options, non-opioid therapies have become a key focus in the field of pain management. In this context, Neuros Medical’s Altius System has rapidly emerged as a market focal point, leveraging its innovative high-frequency nerve block mechanism and patient-controlled treatment model.

# Technological Innovation

The Altius Direct Electrical Nerve Stimulation System, developed by Neuros Medical, received FDA approval in August 2024, becoming the world’s first implantable neuromodulation device specifically indicated for post-amputation pain. Unlike traditional pain management approaches that rely on medications to mask symptoms, the Altius system targets the root cause of pain by using High-Frequency Alternating Current (HFAC) to block pain signals from damaged peripheral nerves to the central nervous system, thereby achieving pain relief.

The Altius System primarily consists of the following three components:

• Nerve Cuff Electrode: Surrounding the peripheral nerves near the amputation site, precisely conducting electrical stimulation.

• Implantable Pulse Generator (IPG): Implanted into the patient's body, it generates high-frequency electrical signals and transmits them to the electrodes.

  

• Patient Handheld Controller: Patients can initiate a 30-minute on-demand therapy session based on their pain levels, empowering them to take an active role in pain management.

This design not only enables more precise treatment but also significantly reduces reliance on opioids, lowers the risk of addiction, and provides patients with truly controllable, personalized treatment options.

# QUEST Study

The FDA approval of the Altius system was based on the results of a clinical study named “QUEST” (High-Frequency Nerve Block for Post-Amputation Pain). This was a randomized, double-blind, active sham-controlled, multicenter clinical trial, with a total ofInclusion of 180 Patients with Unilateral Lower Limb Amputation, conducted at 35 clinical centers in the United States, is the largest and most rigorously designed prospective study to date globally in the field of chronic post-amputation pain.

Clinical Data Highlights

• Significant Pain Relief: Studies have shown that patients receiving Altius treatment, after the initiation of therapyThe average pain intensity decreased by approximately 30% within 30 minutes and by approximately 50% within 120 minutes., with a statistically significant difference compared to the control group.

• Reduce Opioid Use: Patients in the Altius treatment group significantly reduced their opioid consumption during the study, representing a major breakthrough in addressing the current opioid crisis in the United States.

• Improvement in Quality of Life: Long-term follow-up results showed higher patient satisfaction with pain control, an approximately 50% reduction in pain days (pain intensity ≥4 on a 0–10 scale), and significant improvement in quality of life.

• Good safety profile: Among 180 patients, the Altius system demonstrated a favorable safety profile, with no device-related serious adverse events observed.

These data not only provide robust clinical evidence for the efficacy and safety of Altius, but also pave the way for the commercialization of Neuros Medical.

# Regulatory and Safety Considerations

Although Altius has received FDA approval, Neuros Medical still faces additional regulatory requirements. The FDA approval letter specifies that the company must submit supplementary validation data for human factors engineering (HFE) and usability engineering (UE) to ensure the device’s safety and ease of use in real-world settings.

Furthermore, the Altius system has certain limitations in clinical applications:

• System Contraindications: Patients unsuitable for implantation surgery, patients unable to operate the system, children, and pregnant women.

• Patients with implanted cardiac pacemakers or defibrillators should use this device with caution to avoid the risk of potential electrical interference.

• Patients with diabetes may be at a higher risk of surgical complications.

• Patients implanted with the Altius system are temporarily prohibited from undergoing MRI examinations, as the relevant safety has not yet been evaluated.

These challenges represent key priorities for Neuros Medical to address in future product optimization and market promotion.

# Neuromodulation Market Landscape

The field of neuromodulation is experiencing rapid development. According to industry analysis, the global neuromodulation market is projected to reach approximately $15 billion by 2030, driven in part by strong demand for non-opioid treatment options.

In the post-amputation pain market segment, currently, apart from Neuros Medical’s Altius,There are hardly any FDA-approved implantable devices available.Traditional treatment options, such as pharmacotherapy, physical therapy, and behavioral therapy, fail to effectively address the underlying causes of pain and offer limited long-term efficacy.

Altius's market competitiveness is mainly reflected in the following aspects:

• Technological Innovation: Based on the pain signal blocking mechanism of HFAC, it differs from traditional low-frequency electrical stimulation by acting solely on the pain conduction pathways.

• Patient Autonomy: Patients can initiate treatment on demand based on their pain levels, enabling more personalized pain management.

• Reducing Opioid Dependence: Provides a treatment option targeting the root cause of pain, without risk of addiction.

• Robust Clinical Evidence: The QUEST study provided robust randomized controlled clinical data support.

  
  

# Future Outlook

With the completion of this round of financing, Neuros Medical’s primary objective is to advance the commercialization of the Altius System in the U.S. market. The company plans a full market launch by the end of 2025 and intends to explore expansion into Europe and other international markets in the future, seeking CE marking and regulatory approvals in other countries.

Meanwhile, Neuros Medical also plans to expand the high-frequency nerve block technology of the Altius System to other chronic pain indications. In the future, the company may explore new clinical trials in areas such as neuropathic pain, diabetic peripheral neuropathy, and even cancer-related neuralgia, further expanding its market potential.

David Veino stated, “Altius is more than just a product; it represents our commitment to transforming the treatment of chronic pain. We believe that through technological innovation, we can bring unprecedented hope to patients suffering from post-amputation pain, as well as to the broader population of pain sufferers.”