Neuros Medical Closes $20 Million Venture Financing

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Neuros Medical, Willoughby Hills, Ohio, has closed a $20 million Series AA venture capital financing. U.S. Venture Partners led the financing and was joined by Boston Scientific, Aperture Venture Partners, Osage University Partners and JumpStart. In addition, Alan Kaganov, ScD, and Casey Tansey of U.S. Venture Partners have joined Neuros Medical's board of directors, as well as Tony Natale, MD, of Aperture Venture Partners and Bill Harrington, MD, of Osage University Partners. Kaganov will serve as chairman of the board.

Jon Snyder, Neuros Medical's president and CEO said that the funds will be used to complete a clinical study to evaluate its nerve block technology for the management of post-amputation pain, and to secure pre-market approval from the U.S. Food and Drug Administration. "The prospective, randomized, controlled pivotal clinical trial will consist of up to 130 patients at 15 institutions," said Snyder.

Snyder said the new board members will bring experience and expertise in building innovative medical technology companies to Neuros.