US-based implantable medical devices developer Neuspera Medical has secured $23m in a Series D funding round, led by Vertex Ventures HC and Treo Ventures.
Other participants in the financing round include Action Potential Venture Capital, Windham Venture Partners, Olympus Innovation Ventures, and another strategic investor.
Neuspera is developing the Neuspera Implantable Sacral Neuromodulation (SNM) System for treating urinary urge incontinence (UUI), a symptom of overactive bladder (OAB).
The funding will support Neuspera’s efforts to obtain the US Food and Drug Administration (FDA) premarket approval (PMA) for the Neuspera system.
The SNM system is designed to be compact, minimally invasive, and ultra-miniaturised, providing patients with personal control and relief from UUI.
Neuspera CEO Steffen Hovard said: “We’re excited to bring new partners on board as we approach the next significant milestone of submitting the Neuspera System for regulatory approval.
“The confidence and conviction of our new and existing investors, like Olympus Innovation Ventures, demonstrates the strength and potential of our platform technology.”
The symptoms of OAB 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.
The disease makes it difficult for patients to work, socialise, exercise, and lead a normal, active life, leading to depression, low self-esteem and social stigma issues.
According to the company, the Neuspera system is the least invasive SNM device that features an ultra-miniaturised pulse generator attached to an electrode array.
The system is designed to fit within the protected space of the sacral foramen without causing any lump, bulge, or scar from the implant procedure.
Its design provides a less invasive treatment option for patients, eliminating the need for more invasive tunnelling and a separate pocket for an implanted battery, said the company.
Currently, the SNM system is approved in the US for the treatment of chronic pain of peripheral nerve origin and is an investigational device for treating UUI.
Olympus Innovation Ventures president and Olympus chief strategy officer Gabriela Kaynor said: “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.
“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.”