Neuros Medical has raised $20 million that should allow the nerve stimulation company to finish a clinical trial involving 130 patients who suffer from post-amputation pain.
The deal was led by U.S. Venture Partners of Menlo Park, Calif. The Willoughby-based company also received capital from Boston Scientific, Aperture Venture Partners of New York, Osage University Partners of Philadelphia and JumpStart Inc. of Cleveland, according to a news release announcing the deal.
The company’s Altius system is designed to treat chronic pain by zapping damaged nerves with quick bursts of electricity.
Patients enrolled in two smaller trials involving a total of 15 patients responded well to the treatment and in many cases stopped using pain medication.
The larger pivotal trial is already well underway: The company announced in January 2015 that it had enrolled its first patient. By April 2016, it had completed an interim analysis on the first 20 patients. An independent committee analyzed how they responded to the treatment and recommended that the study be continued.
Alan Kaganov of U.S. Venture Partners will serve as chairman of Neuros Medical’s board of directors. The company also added three other new board members: Casey Tansey of U.S. Venture Partners, Tony Natale of Aperture Venture Partners and Bill Harrington of Osage University Partners.
This story originally appeared on Crain’s Cleveland Business.