Neuros Medical announced it closed an oversubscribed Series D financing round worth $56 million in proceeds.
Aliso Viejo, California-based Neuros plans to use the funds to support U.S. commercialization and further the development of its Altius direct electrical nerve stimulation system.
Related: Plexāā closes $4.5m extension for US launch Breast Surgery platform
The FDA cleared Altius last year as an aid in the management of chronic intractable phantom and residual lower limb post-amputation pain in adult amputees.
Altius, a patient-controlled, on-demand system, uses patented technology to address the underlying cause of post-amputation pain. The system inhibits pain signal transmission from the damaged peripheral nerves near the site of amputation to the central nervous system.
Neuros Medical designed the system with a nerve cuff electrode placed around an affected nerve and an implantable pulse generator (IPG). Patients initiate an on-demand, 30-minute treatment session as needed for targeted pain relief.
New investor EQT Life Sciences led the funding round. Existing investors, including US Venture Partners, Amzak Health, Osage University Partners, Sectoral Asset Management, Aperture Venture Partners and several long-standing and committed investors also participated.
“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,” said David Veino, president & CEO, Neuros Medical. “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.”
