January 7, 2021
Neuros Medical, Inc., a medical device company developing innovative high-frequency nerve block technology for patients with intractable post-amputation pain, announced today the close of a Series BB financing totaling $38.5 million.
The financing was co-led by new investors Amzak Health and Sectoral Asset Management, joined by InCube Ventures, existing investors U.S. Venture Partners, Osage University Partners, and Aperture Venture Partners, and other existing and new investors. Joyce Erony of Amzak Health and Marc-Andre Marcotte of Sectoral Asset Management have joined Neuros’ Board of Directors. Andrew Farquharson of InCube Ventures is serving as a Board Observer.
Neuros Medical notes the financing provides capital to complete enrollment of the pivotal QUEST (High-FreQUEncy Nerve Block for PoST-Amputation Pain) study, and to submit an anticipated application for Pre-Market Approval. QUEST is a 180-subject, randomized, double-blinded, active sham-controlled clinical trial that is being conducted under an Investigational Device Exemption (IDE). QUEST is designed to assess the safety & effectiveness of the Company’s Altius® High-Frequency Nerve Block system to treat intractable post-amputation pain.
“We are fortunate to have the support of a strong consortium of life sciences venture capital firms and welcome Amzak Health, Sectoral Asset Management, and InCube Ventures as investors in Neuros,” said Tom Wilder, President, and Chief Executive Officer.
“The QUEST Study is a rigorous clinical trial that is being conducted in a historically understudied population,” said Joyce Erony of Amzak and Marc-Andre Marcotte of Sectoral. “Altius has the potential to become a very important treatment alternative for the large, addressable pool of patients who suffer from chronic post-amputation pain, including an opportunity to reduce ongoing dependency on opioids.”