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9 August 2017

Osage helps Neuros net $20m

CWRU spinout Neuros Medical has raised $20m in a series AA round backed by Osage University Partners.

Author: Robert Lavine, news editor, Global Corporate Venturing

Neuros Medical, a US-based neuromodulation system developer based on research at Case Western Reserve University, secured $20m in series AA funding from investors including spinout-focused investment firm Osage University Partners on Monday.

The round was led by venture capital firm US Venture Partners (USVP) and included medical device producer Boston Scientific, healthcare-focused investment firm Aperture Venture Partners and accelerator JumpStart.

Neuros is developing products based on its core technology, an implantable generator called the Altius High Frequency Electrical Nerve Block.

Altius uses a rechargeable battery, cuff electrode and compatible external devices to combat chronic pain caused by conditions such as amputation, post-surgical pain, migraines or trigeminal neuralgia, which affects a patient’s face.

The technology is based on research undertaken by Kevin Kilgore and Niloy Bhadra at Case Western Reserve University (CWRU)'s Department of Biomedical Engineering and the School of Medicine-affiliated healthcare system MetroHealth Medical Center.

Proceeds from the round will be used to complete a pivotal investigational device exemption trial for Altius as Neuros works towards getting pre-market approval from US regulator Food & Drug Administration for the system.

Alan Kaganov, a partner at USVP, has been appointed chairman of Neuros and will be joined on the company’s board of directors by Casey Tansey, also of USVP, as well as Bill Harrington of Osage University Partners and Tony Natale from Aperture Venture Partners.

In 2012, Neuros raised $3.5m in a series A round that featured Case Technology Ventures (CTV), the pre-seed VC fund of CWRU, and was co-led by Boston Scientific and early-stage investment firm Glengary.

JumpStart, NorthCoast Angel Fund, Ohio Tech Angel Fund, Queen City Angel Fund III, Physician Investment Group, RiverVest Venture Partners, Blue Tree Allied Angels and ModelVest also took part in the series A round.

JumpStart and CTV had already supplied $375,000 in funding for Neuros in 2009.

– A version of this article first appeared on our sister site Global Corporate Venturing.

Copyright Mawsonia Limited 2010. Please don´t cut articles from www.globaluniversityventuring.com or the PDF and redistribute by email or post to the web without written permission.

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