Neuros Medical, a US-based pain treatment device spinout of Case Western Reserve University, has obtained $37m in a round targeting $42.8m, according to a regulatory filing.
Founded in 2008, Neuros Medical is progressing a clinical-stage implant dubbed Electrical Nerve Block that exploits electric impulses to inhibit damaged nerve centres responsible for chronic pain.
The technology involves hooking an electrode around the nervous system’s peripheral to conduct electricity from a pacemaker-sized generator, treating indications such as post-surgical pain and migraines.
The spinout emerged from work undertaken by Kevin Kilgore and Niloy Bhadra, two adjunct assistant professors from Case Western’s Department of Biomedical Engineering.
Neuros Medical has now raised a total of $69.8m in equity funding and debt, according to regulatory filings.
Case Technology Ventures (CTV), a university venture fund for Case Western, joined JumpStart Ventures for Neuros’s $375,000 round in 2009 before a $1.8m seed round later that year that included Glengary, Ohio Tech Angel Fund, Queen City Angels First Fund and assorted angel investors.
Medical device producer Boston Scientific and Glengary later co-led a $3.5m round in 2012 that included CTV, JumpStart, NorthCoast Angel Fund, Ohio Tech Angel Fund, Queen City Angel Fund III, Physician Investment Group, RiverVest Venture Partners, Blue Tree Allied Angels and ModelVest.
Neuros Medical subsequently closed a $20m series AA round in 2017 led by US Venture Partners with backing from spinout-focused investment firm Osage University Partners, Boston Scientific, Aperture Venture Partners and JumpStart.
The spinout’s shareholders also include iSelect Special Situations Fund I, a venture fund managed by Argonautic Ventures.]
 

Neuros Medical, a US-based pain treatment system developer backed by medical device producer Boston Scientific, has $37m from undisclosed investors, according to a regulatory filing.

Founded in 2008, Neuros is working on a clinical-stage implant dubbed Electrical Nerve Block that exploits electric impulses to inhibit damaged nerve centres responsible for chronic pain.

The technology involves hooking an electrode around the nerve’s peripheral to conduct electricity from a pacemaker-sized generator, treating indications such as post-surgical pain and migraines. The company is targeting $42.8m in the round, according to the filing.

Neuros has now secured a total of $69.8m in equity and debt financing according to regulatory filings. It received $20m in a 2017 series AA round led by venture capital firm US Venture Partners (USVP) that also featured Boston Scientific, Aperture Venture Partners, Osage University Partners and JumpStart.

Boston Scientific and JumpStart had joined Glengary Ventures, RiverWest Venture Partners, ModelVest, Blue Tree Allied Angels, Case Tech Ventures, NorthCoast Angel Fund, Ohio Tech Angel Fund, Queen City Angel Fund III and Physician Investment Group in a $3.5m round for Neuros in 2012.

The company’s earlier investors include Case Technology Ventures, a university venture capital fund for Case Western, and iSelect Special Situations Fund I, which is run by micro-fund manager Argonautic Ventures.

The original version of this article appeared on our sister site, Global University Venturing.