SPR Therapeutics closes $37 Million Growth Equity Financing for Commercial Expansion of its SPRINT PNS System

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 Therapeutics closes $37 Million Growth Equity Financing for Commercial Expansion of its SPRINT PNS System

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.


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