Neuros Medical Inc., a nerve stimulation company that just raised $20 million and is finishing a clinical trial involving 130 patients who suffer from post-amputation pain, has a new CEO and plans for a California operation.
The Willoughby-based company on Monday, Aug. 28, announced it has named Tom Wilder as president and CEO.
Wilder has worked in the medical technology industry for more than 30 years, most recently having led Sequent Medical Inc., a neurovascular company that developed the WEB Aneurysm Embolization System, for six years. Sequent was acquired by Terumo Corp. in 2016 for up to $380 million. He previously was president and CEO of PhotoThera Inc., a company that was developing a therapy for acute ischemic stroke patients, and Micro Therapeutics Inc., another neurovascular company.
Neuros founder Jon Snyder, who had been CEO and now takes the title of chief business officer at the company, said in a statement that Wilder “brings a proven track record and a wealth of directly relevant experience to Neuros. He is passionate about developing novel treatments for physicians and their patients who have unmet clinical needs. We are delighted to have him aboard to lead the company through the next phases of growth and expansion.”
Wilder said in a statement that Neuros, which has patented its Altius® System High Frequency Nerve Block technology, “has the opportunity to develop important therapy options for patients who experience significant pain as a result of a number of disease conditions. The initial indication, for post-amputation pain, represents a compelling and urgent unmet medical need.”
In the news release announcing his hiring, Wilder said the company will “pursue completion of the initial IDE (investigational device exemption) pivotal clinical trial, eventual U.S. and international commercialization of this initial indication, as well other potential clinical applications. To accomplish this, we will supplement our Ohio-based technology center with an operational headquarters based in the San Francisco Bay area.”
Wilder said in a phone interview on Monday afternoon that the San Francisco operation likely will open in 2018 as the company expects to move into a commercial phase from the current clinical trial phase. That operation would “draw on a lot of experienced medical device personnel,” as well as marketing expertise in that part of the country, he said.
The Northeast Ohio operation has about 10 people now and plans to add two more, Wilder said. It will continue to be an important part of Neuros, he said, since the company’s technology was developed at Case Western Reserve University, and Northeast Ohio’s strong hospital base makes it an ideal location for tech research.
Neuros’ $20 million fundraising, announced Aug. 7, was led by U.S. Venture Partners of Menlo Park, Calif. Alan Kaganov, a senior adviser at U.S. Venture Partners and now chairman of the Neuros board,, said in a statement that Wilson “will bring enthusiasm, energy, and his record of accomplishment to Neuros Medical. We are extremely grateful to Jon Snyder for setting the vision of the company, and elevating its status to a clinical stage company. In the next few years, our investors expect that Tom will successfully guide the Altius system through clinical trials and ultimately, secure regulatory approval.”
This story originally appeared on Crain’s Cleveland Business.