MCP Invests in SPR Therapeutics' $37 Million Growth Equity Financing
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.”
Read more about the financing here