Neuros Medical raises $38.5m in Series BB funding for completion of pivotal clinical study for chronic post-amputation pain
Neuros Medical, a medical device company developing innovative high-frequency nerve block technology for patients with intractable post-amputation pain, announced the closing of Series BB financing totaling $38.5 million.
The financing was co-led by new investors Amzak Health and Sectoral Asset Management, joined by InCube Ventures, existing investors U.S. Venture Partners, Osage University Partners, and Aperture Venture Partners, and other existing and new investors. Joyce Erony of Amzak Health and Marc-Andre Marcotte of Sectoral Asset Management have joined Neuros' Board of Directors. Andrew Farquharson of InCube Ventures is serving as a Board Observer.
The financing provides Neuros with capital to complete enrollment of the pivotal QUEST (High-FreQUEncy Nerve Block for PoST-Amputation Pain) study, and to submit an anticipated application for Pre-Market Approval. QUEST is a 180-subject, randomized, double blinded, active sham controlled clinical trial that is being conducted under an Investigational Device Exemption (IDE). QUEST is designed to assess the safety & effectiveness of the Company's Altius® High-Frequency Nerve Block system to treat intractable post-amputation pain.
Tom Wilder, President and CEO, Neuros Medical: "We are fortunate to have the support of a strong consortium of life sciences venture capital firms and welcome Amzak Health, Sectoral Asset Management, and InCube Ventures as investors in Neuros."
Joyce Erony of Amzak Health and Marc-Andre Marcotte of Sectoral Asset Management said: "The QUEST Study is a rigorous clinical trial that is being conducted in an historically understudied population. Altius has the potential to become a very important treatment alternative for the large, addressable pool of patients who suffer from chronic post-amputation pain, including an opportunity to reduce ongoing dependency on opioids."