Capital from Olympus Innovation Ventures,
another strategic investor and several institutional investors will
fund through expected PMA approval
SAN
JOSE, Calif., July 15,
2024 /PRNewswire/ -- Neuspera Medical, Inc., a
neuromodulation company pioneering the Neuspera Implantable Sacral
Neuromodulation (SNM) System, announced the closing of its Series D
funding round raising $23 million and
led by Vertex Ventures HC and Treo Ventures with participation by
Action Potential Venture Capital, Windham Venture Partners,
Olympus Innovation Ventures and another strategic investor. This
round will fund the company though expected U.S. Food and Drug
Association (FDA) premarket approval (PMA) of the Neuspera System,
the discreet, minimally invasive, ultra-miniaturized implant
designed to provide patients personal control and relief from
urinary urge incontinence (UUI), a symptom of overactive bladder
(OAB).
"As a partner of choice for innovators in urology, we are
thrilled to invest in the Neuspera team as they bring the
Neuspera System through FDA approval and to the market," said
Gabriela Kaynor, President of
Olympus Innovation Ventures and Chief Strategy Officer at Olympus
Corporation. "Based on critical unmet market need and patient
demand, changes in society guidelines, and positive feedback from
patients and physicians in clinical trials, we are excited to
invest in the Neuspera team as they build their innovative Neuspera
System for OAB."
OAB is a common medical disorder affecting roughly one in six
adults. OAB symptoms include a sudden, uncontrolled need or urge to
urinate, urine leakage, and/or the need to pass urine many times
during the night and day. These symptoms can make it difficult to
work, socialize, exercise and lead a normal, active life which can
lead to depression, self-esteem and social stigma
issues.1
"We're excited to bring new partners on board as we approach the
next significant milestone of submitting the Neuspera System
for regulatory approval," said Steffen
Hovard, CEO of Neuspera Medical. "The confidence and
conviction of our new and existing investors, like Olympus
Innovation Ventures, demonstrates the strength and potential of our
platform technology."
The Neuspera System is the least invasive sacral
neuromodulation device and includes an ultra-miniaturized pulse
generator attached to an electrode array. It is designed to be
discreet and fit within the protected space of the sacral foramen,
so patients typically don't feel any lump or bulge and the scar
from the implant procedure is usually barely perceptible, even if
you know where to look. This design eliminates the need for more
invasive tunneling and a separate pocket for an implanted battery,
while empowering patients to regain control of their OAB symptoms
and life.2
The Neuspera System has FDA clearance for treating chronic
pain of peripheral nerve origin and is currently an investigational
device for treating UUI, a symptom associated with OAB.
About Neuspera Medical
Neuspera Medical, Inc. is
committed to developing implantable medical devices that will
improve the lives of patients battling chronic illnesses. The
Neuspera platform is designed to provide patients and physicians
with new, and potentially earlier, treatment options that are less
invasive and more adaptable. These therapeutic alternatives aim to
help patients restore their health and well-being for a better
quality of life. For more information, please visit
www.neuspera.com.
About Olympus
At Olympus, we are committed to Our
Purpose of making people's lives healthier, safer and more
fulfilling. As a global medical technology company, we partner with
healthcare professionals to provide best-in-class solutions and
services for early detection, diagnosis and minimally invasive
treatment, aiming to improve patient outcomes by elevating the
standard of care in targeted disease states. For more than 100
years, Olympus has pursued a goal of contributing to society by
producing products designed with the purpose of delivering optimal
outcomes for its customers around the world. For more information,
visit olympus-global.com and follow our global X account:
@Olympus_Corp.
Olympus Innovation Ventures is the venture capital arm of
Olympus. OIV invests in customer driven solutions in medical
devices, diagnostics and digital health that complement or extend
our market leading endoscopic procedures. Get in touch with OIV at
ventures@olympus.com or
https://olympusamerica.com/olympus-venture-capital.
About Vertex Ventures HC
Vertex Ventures HC
(San Francisco, CA) invests in
various sectors of the healthcare industry, including
biopharmaceuticals and medical devices. The Vertex portfolio
includes companies at all stages of development, from early-stage
companies testing transformative technologies to commercial-stage
companies seeking additional growth. With a focus on areas with
significant unmet need, Vertex seeks to build great companies that
improve the health and quality of human life. Vertex will take an
active role in their portfolio companies and work with exceptional
entrepreneurs, industry partners and fellow venture investors to
create value. The global investment professionals at Vertex bring
deep scientific, medical and business knowledge to every investment
they make.
About Treo Ventures
The Treo team brings more
than 90 years of cumulative healthcare experiences as investors,
company founders, and operator, investing globally in more than 45
companies through multiple market cycles. The Treo team has been
involved in several premium healthcare companies bringing
novel technologies to market that have become the standard of care.
With their experiences across both early and commercial stage
companies, the Treo team has played active and important roles from
founding companies to liquidity via trade sales to multiple
strategics and IPOs. Treo's experiences on private and public
company boards gives them a unique vantage point in their active
involvement with portfolio companies. In addition, their scientific
and commercial backgrounds along with global relationships have
helped them play an important role in consistently building some of
the most successful healthcare companies over last two decades.
1 Stewart et al. Prevalence and burden of overactive
bladder in the United States.
World J Urol. 2003 May;20(6):327-36.
2 Based on outcomes of the SANS-UUI Phase I clinical
data; Padron et al. (2021). TREATMENT OF URINARY URGENCY
INCONTINENCE (UUI) WITH AN ULTRA-MINIATURIZED SACRAL NERVE
MODULATION (SNM) SYSTEM: PRELIMINARY OUTCOMES OF THE SANS-UUI
STUDY. Journal of Urology. 2021 Sep
1;206(Supplement 3):e1158.
Media Contact:
Hyedi Nelson
Bellmont Partners
651-757-7054
hyedi@bellmontpartners.com
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SOURCE Neuspera Medical, Inc.