SPR Therapeutics, creator of a wearable neurostimulation device for chronic and acute pain management, announced that it had raised $37 million in a Series D growth equity financing.
Revelation Partners led the financing with additional investment from River Cities Capital and Mutual Capital Partners.
The company plans to use the new funds to accelerate the commercial uptake of its FDA-cleared SPRINT Peripheral Nerve Stimulation (PNS) System, fund additional clinical research, and advance its technology platform.
SPR’s SPRINT PNS System is a 60-day treatment designed to be used early in the care continuum to provide significant and sustained pain relief and improve quality of life. The system has been studied extensively for low back pain, shoulder pain, post-amputation pain, and chronic and acute postoperative pain and has treated over 6,500 patients to date, according to the company.
“This additional funding will allow us to accelerate the already strong adoption we are seeing of our SPRINT PNS System within the interventional pain management community,” said Maria Bennett, CEO, President, and Founder of SPR Therapeutics.
Maria Bennett added: “There is clear interest from physicians and patients in avoiding the use of opioids and permanent implants when possible. Our goal is to ensure that all patients have access to our SPRINT System as an effective, non-opioid treatment.”
Digital Health Wearables companies raised $675 million in venture capital in the first half of 2021, compared to $321 million in 1H 2020, a 110% increase year-over-year (YoY), according to the latest Mercom Digital Health Funding and M&A Report. Hinge Health, a developer of wearable bands with motion sensors that help employees recuperate from musculoskeletal problems such as the lower back, knee, shoulder, and neck pain – closed a $310 million Series D funding round. Including the latest funding round, Hinge Health has raised $nearly $500 million to date.