SPR Therapeutics, the Cleveland, Ohio-based developer of a wearable pain management device, announced yesterday the completion of $25 million in Series C financing. The company’s new funding — primarily secured from Frontcourt Ventures and an unnamed family office — will support commercialization of the Sprint Peripheral Nerve Stimulation System, and investigate its applicability across indications.
SPR bills the FDA-cleared Sprint Peripheral Nerve Stimulation (PNS) System as a non-narcotic alternative for chronic and acute pain relief. By connecting a wearable stimulater to a 0.2mm wire placed through the skin, the system activates target nerve fibers to relieve patients’ pain. The therapy requires no permanent implants, invasive surgery, tissue destruction, or opioid prescription.
“Sprint was developed to address a wide spectrum of chronic and post-surgical pain conditions affecting millions worldwide,” Maria Bennett, CEO, president, and founder of SPR, told MobiHealthNews. “It was specifically designed for use in the periphery to preferentially activate target nerve fibers, delivering sustained, significant pain relief without opioids, permanent implants, or tissue destruction. Our patients have found the therapy to be convenient, effective, and in many cases they’ve told us Sprint has given them back their quality of life.”
In a statement released when the Sprint PNS System received FDA clearance in 2016, the company described the system as ideal for short outpatient procedures, and completely reversible if necessary. Notably, a 2014 clinical study found that use of the system was associated with a 72 percent reduction in average pain among patients presenting with moderate-to-severe post-amputation pain.
According to the company, SPR has received nearly $23 million to date in non-dilutive funding from the US Department of Defense, National Institutes of Health, and others. The company also used today’s statement to announce the appointment of Nick Valeriani, former CEO of West Health and Johnson & Johnson veteran, to the company’s board of directors.
The primary wearable pain management device available commercially is Neurometrix’s Quell. Its newest iteration uses a smartphone app to allow users direct control of their pain management, and was approved by the FDA last November. Both the Quell and the Sprint PNS System rely on nerve stimulation technology, but unlike SPR’s subcutaneous system, Quell is worn above the skin.