Neuros Medical has raised $56m in a Series D funding round to support the US commercialisation and further development of its Altius direct electrical nerve stimulation system.
The solution is intended for treating intractable, chronic post-amputation pain in adult amputees.
The oversubscribed funding round was spearheaded by new investor EQT Life Sciences, with contributions from current investors such as US Venture Partners, Osage University Partners, Amzak Health, Aperture Venture Partners, and Sectoral Asset Management.
EQT Life Sciences advisory team partner Fouad Azzam said: “Neuros Medical is addressing one of the most urgent and overlooked challenges in chronic pain management.
鈥淓QT believes Altius has the potential to significantly improve the quality of life for amputees, and we are proud to partner with this team to bring the therapy to market.”
According to Neuros, up to 80% of amputees suffer from post-amputation pain, including phantom limb and residual limb pain.
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By GlobalDataThe system operates by using a nerve cuff electrode that is positioned around an affected nerve and an implantable pulse generator.
This patient-controlled system allows individuals to begin a 30-minute treatment session when required, directly targeting the site of nerve pain for relief.
It leverages Neuros’ patented technology to inhibit the transmission of pain signals from damaged peripheral nerves to the central nervous system.
Neuros Medical CEO and president David Veino said: “I would like to thank our new and existing investors for their support in our mission to relieve pain and restore life for the millions of people suffering from chronic post-amputation pain.
“This funding round is a strong validation of the unmet medical need in the amputee community and allows us to scale our commercial operations to expand access to this breakthrough technology, while equipping healthcare professionals with a non-opioid solution and support they need to deliver the highest standard of care.”
Last year, the US Food and Drug Administration (FDA) approved the nerve stimulation system to treat the pain associated with phantom limbs and post-amputation procedures.
