SPR Therapeutics Secures $8 Million Series C Funding to Advance PNS System for Pain Relief

VCBeat (WeChat Official Account: vcbeat) has learned that U.S. medical device company SPR Therapeutics recently announced the completion of an $8 million Series C financing round, with investors undisclosed. According to SPR Therapeutics, the funds from this round will be used for the research and development and promotion of its Peripheral Nerve Stimulation (PNS) system. To date, SPR Therapeutics has completed 11 financing rounds, raising a total of over $20 million.

SPR Therapeutics is a medical device company headquartered in Cleveland, Ohio, USA, founded in 2010. The company is dedicated to developing peripheral nerve stimulation (PNS) systems, with its first commercialized product named SPRINT® PNS. SPRINT® PNS is a minimally invasive system designed for the relief of short-term pain, offering ease of delivery. The system alleviates pain by stimulating the patient’s nerves, providing therapeutic effects lasting up to 30 days per treatment.

It is reported that the Percutaneous Nerve Stimulation (PNS) system manufactured by SPR Therapeutics has been approved by the FDA for the treatment of chronic and acute pain, including postoperative and post-traumatic pain. In October 2018, SPR Therapeutics officially announced that, leveraging its proprietary PNS technology, the company had secured $10 million from two government grant programs and a contract with the U.S. Department of Defense. All proceeds will be dedicated to the research and development of higher-quality PNS systems.

SPR Therapeutics recently announced the appointment of Peter Staats, M.D., as Chief Medical Advisor. According to the company’s statement, Dr. Staats brings nearly three decades of research experience in pain management and neuromodulation technologies. He has previously served as 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. Additionally, he has co-authored 10 textbooks on analgesics and published nearly 300 articles on the diagnosis and treatment of complex pain conditions.

“Pain management medical devices are categorized based on factors such as product type, drug class, and indications. They can be divided into electrical stimulation devices (including transcutaneous electrical nerve stimulation [TENS], neuromuscular electrical stimulation [NMES] devices, and other stimulation devices), radiofrequency ablation devices, analgesic pumps, and neurostimulation devices (including spinal cord stimulation, deep brain stimulation, vagus nerve stimulation, sacral nerve stimulation, etc.). SPR Therapeutics’ Percutaneous Nerve Stimulation (PNS) System falls under the category of neuromuscular electrical stimulation devices,” stated an official spokesperson for SPR Therapeutics.

“It is a great pleasure to serve as the Chief Medical Advisor of SPR Therapeutics. As is well known, pain is one of the most common clinical symptoms, and chronic pain can significantly impair patients’ quality of life. The percutaneous nerve stimulation (PNS) system developed by SPR Therapeutics will bring relief to those suffering from pain. I am confident that, with its high-quality products and strong execution capabilities, SPR Therapeutics will undoubtedly become an industry-leading company,” stated Peter Staats.

(Compiled by Hu Xuan)