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SPR Therapeutics Raises $2.2M

2012-01-24
CLEVELAND, OH, NDI Medical led the round in SPR, whose pain-relief system is aimed at reducing shoulder pain in patients who've suffered strokes.
SPR Therapeutics has raised its Series A to $2.2 million. The company, whose pain-relief system is aimed at reducing shoulder pain in patients who've suffered strokes, has also engaged an investment banking firm to look for strategic partnerships according to CEO Maria Bennett. NDI Medical, a Cleveland-area neurotech incubator that in 2008 sold a urinary incontinence device called MedStim to Medtronic for $42 million, led the Series A.

SPR Therapeutics has reached several milestones in recent months, including the first implantation of its shoulder-pain device in a patient. SPR has also applied for the CE Mark, which signifies European regulatory approval, and expects to receive the designation within a few months. SPR expects to soon begin a pivotal clinical trial aimed at obtaining U.S. Food and Drug Administration clearance.
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