Neuros Medical, a US-based pain treatment technology developer that counts medical device maker Boston Scientific as an investor, raised $38.5m in a series BB round yesterday.
Investment adviser Sectoral Asset Management and investment firm Amzak Capital Management’s Amzak Health subsidiary co-led the round, which included Osage University Partners, InCube Ventures, US Venture Partners, Aperture Venture Partners and undisclosed others.
Founded in 2008, Neuros has designed a pacemaker-sized generator to treat intractable pain following amputation surgery by directing high-frequency electrical pulses to the peripheral nervous system and counteracting signals that tell the body to feel pain.
The company will use the funding to complete enrolment for a clinical study of its device and prepare for pre-market regulatory submissions. It had closed $37m of the funding in November 2020.
Joyce Erony of Amzak Health and Marc-Andre Marcotte of Sectoral Asset Management have joined the company’s board of directors while InCube Ventures co-founder Andrew Farquharson has taken a board observer position.
Neuros has raised more than $71m in total, having closed a $20m series AA round led by US Venture Partners in 2017 that included Boston Scientific, Osage University Partners, Aperture Venture Partners and JumpStart.
Boston Scientific and Glengary Ventures co-led the company’s $3.5m series A round in 2012, investing with JumpStart, Ohio Tech Angel Fund, NorthCoast Angel Fund, Queen City Angel Fund III, RiverVest Venture Partners, Physician Investment Group, ModelVest and Blue Tree Allied Angels.
Glengary, Ohio Tech Angel Fund, JumpStart and Queen City Angels were all existing backers, while Case Technology Ventures is also an earlier investor in Neuros.
The original version of this article appeared on our sister site, Global University Venturing.
