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.