Neuros Medical announces $1.8 million series A round of investment

Neuros Medical, Inc.Oct 24 2009

Neuros Medical, Inc., a medical device company developing innovative neurostimulation technology for the treatment of chronic pain, announced today a $1.8 million series A round of investment, led by the North Coast Angel Fund (NCAF), which was joined in the investment by Glengary LLC, Ohio Tech Angel Fund, Queen City Angels First Fund III, and individual investors. This round follows the initial investment made earlier in the year from JumpStart Ventures and Case Technology Ventures.

The company will utilize the funding to commence product development, expand its management team, and complete clinical studies.

The company’s initial target is focused on the chronic pain market, including residual limb pain, chronic post surgical pain, and chronic migraine.

Neuros’ technology, created by Drs. Kevin Kilgore and Niloy Bhadra of Case Western Reserve University’s Department of Biomedical Engineering and MetroHealth Medical Center, and supported by BioEnterprise, is referred to as “Nerve Block” and delivers high-frequency stimulation to sensory nerves in the peripheral nervous system to block chronic pain. The system consists of an electrode (also known as a lead) placed around a peripheral nerve and powered by a pace-maker size generator.

“We are very excited to be able to support Neuros by leading this round of investment,” said Claiborne R. Rankin, NCAF’s Managing Director. “We are impressed with the significant market opportunity and management’s vision for how to realize the potential of this exciting technology.”

Glengary‘s Managing Director Steve Haynes added, “Neuros has excellent potential to change how chronic pain is treated today, which affects millions of patients in the U.S. We are very optimistic about the company’s direction, leadership and ability to make this impact."

Neuros Medical’s Chief Executive Officer, Jon J. Snyder, stated, “The completion of this round of investment, especially in these trying economic times, is a tribute to our technology’s promise and the support of key funders in Ohio.” All of the entities involved are supported by the State of Ohio’s $1.6 Billion Third Frontier Program.