Summary:The funds will be used to help speed the commercialization of the FDA (Food and drug administration)-approved SPRINT Peripheral Nerve Stimulation (PNS) System and fund additional clinical research and advance next-generation technologies.
In treating acute and chronic pain, multicenter clinical trials show clinically significant improvements in function, pain, and quality of life, as well as reduced opiate use, compared to placebo. With one of the largest bodies of clinical evidence and over 200 published and pending patents, SPR Therapeutics, a private medical device business focused on providing pain management to patients without the need for opioids or surgery, is a leader in PNS.To far, more than 30 peer-reviewed publications have been published supporting its usage in amputees with shoulder pain, low back pain, knee pain, and neuropathic pain.
SPR has secured 37 million dollars in a Series D growth equity transaction that was oversubscribed. The funds will be used to help speed the commercialization of the FDA-approved SPRINT PNS System and fund additional clinical research and advance next-generation technologies. River Cities Capital and Mutual Capital Partners also contributed to the financing led by Revelation Partners.
“We are very pleased to lead this growth financing as SPR fits squarely within our focus on commercial stage healthcare companies with a unique offering in areas of high-growth potential and significant unmet need,” says Scott Halsted, Founder and Managing Partner at Revelation Partners. “This funding will help the company to continue on its strong growth trajectory to provide this treatment to more patients in need.”
SPR’s SPRINT PNS System is a 60-day treatment that is intended to be utilized early in the care continuum to deliver considerable and long-term pain reduction and quality of life improvement. The utilization of the SPRINT PNS System has more than doubled in the last year, with over 6,500 patients treated.
“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,” states Maria Bennett, CEO, President and Founder of SPR Therapeutics. “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.”
On this transaction, SVB Leerink acted as SPR’s only financial advisor. Federal agencies have provided non-dilutive, highly competitive grant and contract funds to support the company’s equity financing.