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Neuros Medical looks to close $3.5M round, begin pilot clinical study

10/31/2011

Neurostimulation company Neuros Medical is looking to collect a $3.5 million round of investment that it would use to launch a pilot study of its pain-relief device. Neuros is developing a device that uses a pacemaker-sized generator and an electrode to stimulate nerves to block pain from amputations — sometimes called stump pain — without the use of drugs. Last year, Neuros received a $1.2 million grant from the U.S. Department of Defense to further develop the device.

After earlier this year completing the first successful in-man feasibility study of its pain-blocking device, Willoughby, Ohio-based Neuros plans to conduct a pilot clinical trial that follows a larger number of patients for a longer amount of time, CEO Jon Snyder said.

“We were extremely encouraged by the results of this year’s feasibility study, which proved to us that the device is not only safe but highly efficacious,” said Steve Haynes, managing partner with Glengary.

The pilot study would involve between 10 and 20 patients, and assess the pain-blocking effectiveness of the company’s device over about three months.


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