Neuspera Medical Inc., a clinical stage, private venture capital backed neuromodulation company, today announced the final closing (2nd tranche) of the company’s Series B equity financing.
Neuspera Medical reports the final $12 million dollar tranche of the total $26 million round was triggered upon fulfillment of pre-defined product development and regulatory program objectives. Each of the original Series B investors participated in the 2nd tranche – including 6 Dimensions Capital, Action Potential Venture Capital, Windham Venture Partners, Delta Capital, LLC, Purple Arch Ventures and others. The proceeds will be used to advance the Company’s clinical programs for its implantable neuromodulation technology platform.
Neuspera Medical Inc. is a medical device company that leverages both exclusively licensed and proprietary power transfer techniques to engineer miniaturized neuromodulation technologies – sometimes referred to as bioelectronics medicines. Neuspera’s hermetically sealed implantable modules are more than 100 times smaller than neuromodulation devices using a traditional implanted battery power source and may reduce implant procedure complexity, patient complication, and post-surgical pain.
“The Neuspera team has executed well against its milestones for this final tranche of funding for Series B,” said Dr. Zhu, Managing Partner of 6 Dimensions Capital. “We continue to see the Neuspera platform as an important conduit to bringing the benefits of implantable medical device treatments to patients suffering from many chronic diseases earlier in their treatment cycle.”
“We have been keeping pace with our primary objective to bring forward the beneficial outcomes of neuromodulation treatment to more patients struggling with chronic and debilitating diseases,” said Milton M. Morris, Ph.D., President & CEO of Neuspera. “We continue to see broad support and interest in our program as we effort to bring this technology forward to improve patient care and outcomes.”