SPR Therapeutics Closes $37 Million Growth Equity Financing for Commercial Expansion of its SPRINT® PNS System
Expanding U.S. Commercial Team Amid Record-Breaking Growth
SPR Therapeutics, a private medical device company focused on providing patients with pain relief without opioids or surgery, announced today it has raised $37 million in an oversubscribed Series D growth equity financing. The investment will be used to accelerate the rapidly growing commercial uptake of its FDA-cleared SPRINT® Peripheral Nerve Stimulation (PNS) System, to fund additional clinical research, and to advance next generation technology.
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 improvement in quality of life. In the past year, the pace of SPRINT PNS System use has more than doubled, having now treated over 6,500 patients.
SPR is a leader in PNS, with the largest body of clinical evidence and over 200 issued and pending patents. Multi-center clinical trials demonstrate clinically significant improvements in pain, function and quality of life, and reduced opioid use, compared to placebo, in the treatment of chronic and acute pain. These studies have generated more than 30 peer-reviewed publications to date supporting its use in low back pain, shoulder pain, knee pain, and neuropathic pain in amputees.
Revelation Partners led the financing with additional investment from River Cities Capital and Mutual Capital 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.”
“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,” says 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.”
SVB Leerink served as exclusive financial advisor to SPR on this transaction. The company’s equity financing has been supplemented with non-dilutive, highly competitive grant and contract funding from Federal agencies.
About the SPRINT® PNS System
The SPRINT® PNS System, by SPR® Therapeutics, marks an innovative shift in the treatment of pain. Our breakthrough, restorative, 60-day treatment is a First-Line™ PNS option uniquely designed to recondition the central nervous system to provide significant and sustained relief from chronic pain — without a permanent implant, nerve destruction or the risk of addiction. The system has been studied extensively for low back pain, shoulder pain, post-amputation pain, and chronic and acute post-operative pain, and is cleared for use up to 60 days. Recognized by leading pain management centers, the breakthrough neuromodulation treatment offers a patient-preferred alternative to more invasive options.
For additional information regarding safety and efficacy, visit www.SprintPNS.com.
About SPR Therapeutics, Inc.
SPR Therapeutics is a privately-held medical device company, providing patients with a non-opioid, minimally invasive pain treatment option. Our SPRINT® PNS System fulfills a critical unmet need for a drug-free, surgery-free option for millions who suffer from chronic pain. Backed by the largest body of clinical evidence, SPR has demonstrated commercial demand in untapped peripheral (shoulder and knee) and back pain markets and built an incredibly strong foundation for commercial growth. Headquartered in Cleveland, OH with satellite offices in Chapel Hill, NC and Minneapolis, MN, SPR’s Senior Management team includes experienced industry veterans with nearly 200 years of collective pain market and MedTech expertise, all driven by our purpose – to improve the quality of patients’ lives by providing them with a minimally-invasive, drug-free, surgery-free solution to manage their acute and chronic pain.
More information can be found at www.SPRTherapeutics.com.