SPR Therapeutics, a private medical device company focused on
treating pain and improving the quality of life for patients
managing acute or chronic pain, today announced that it has secured
$85 million in financing including $25 million in Series D-1
insider equity and a $60 million debt facility. The equity
financing was led by Revelation Partners, SPR’s lead investor of
the Series D equity financing, and incumbent investors, RC Capital
and Mutual Capital Partners. The debt facility is provided by SLR
Capital Partners and Armentum Partners served as the Company’s
financial advisor.
The funds will be used to capitalize on commercial momentum,
customer demand, and market opportunity to expand SPR sales
representation in additional U.S. sales territories. “We thank our
financing partners and are pleased to raise additional capital to
support and accelerate our already significant growth,” said Maria
Bennett, President, CEO and Founder of SPR Therapeutics. “We have
seen strong adoption of the SPRINT System in the last two years
resulting in nearly 200 percent growth of our team, and tremendous
year-over-year revenue growth of more than 50 percent from 2022 to
2023.”
In addition to sales expansion, proceeds will support continued
product development and build upon the largest set of peer-reviewed
published PNS data in the industry. “Supporting the effectiveness
of SPRINT as a short-term, 60-day treatment with long-lasting
results across multiple areas of pain including low back, shoulder,
knee, as well as head and neck is at the core of our commitment to
patients. We have recently shared economic assessments highlighting
the efficiency and savings potential of SPRINT PNS versus
traditional approaches and will continue to advance access to
care,” added Bennett.
“We are excited to lead this financing and continue our support
of a high-growth MedTech company that is transforming the lives of
those living with pain,” said Scott Halsted, Managing Partner at
Revelation Partners. “We focus on investments in rapidly growing
healthcare companies that are successfully addressing an unmet
need, and SPR Therapeutics is a strong example of that given the
accelerating adoption within the marketplace.”
About the SPRINT PNS System The SPRINT® PNS
System, by SPR® Therapeutics, marks an innovative shift in the
treatment of pain. Our breakthrough, 60-day
treatment is a First-Line PNS™ option uniquely proposed
to recondition the central
nervous system to provide significant and sustained
relief from chronic pain — without a permanent implant,
nerve destruction or the risk of addiction. The system has been
studied extensively for low back pain, shoulder pain,
post-amputation pain, and chronic and acute post-operative pain,
is cleared for use up to 60 days, and is recognized by leading
pain management centers. Market research indicates that this
breakthrough neuromodulation treatment is a patient-preferred
alternative to more invasive options.
The SPRINT PNS System is indicated for up to 60 days for:
Symptomatic relief of chronic, intractable pain, post-surgical and
post-traumatic acute pain; symptomatic relief of post-traumatic
pain; symptomatic relief of post-operative pain. The SPRINT PNS
System is not intended to be placed in the region innervated by the
cranial and facial nerves.
Physicians should use their best judgment when deciding when to
use the SPRINT PNS System. For more information see the SPRINT PNS
System IFU. Most common adverse events are skin irritation and
erythema. Results may vary. Rx only.
For additional information regarding safety and efficacy, visit:
SPR Safety Information.
About SPR Therapeutics, Inc.SPR Therapeutics is
a privately held medical device company, providing patients with a
non-opioid, minimally invasive pain treatment option. Our SPRINT®
PNS System fulfills a critical unmet need for a drug-free,
surgery-free option for millions who suffer from chronic pain.
Backed by the largest body of clinical evidence in peripheral nerve
stimulation for the treatment of pain, SPR has demonstrated
commercial demand in untapped peripheral (shoulder and knee) and
back pain markets and built an incredibly strong foundation for
commercial growth. Headquartered in Cleveland, OH with satellite
offices in Chapel Hill, NC and Minneapolis, MN, SPR’s Senior
Management team includes experienced industry veterans with nearly
200 years of collective pain market and MedTech expertise, all
driven by our purpose – to improve the quality of patients’ lives
by providing them with a minimally-invasive, drug-free,
surgery-free solution to manage their acute and chronic pain.
More information can be found at www.SPRTherapeutics.com.
About Revelation PartnersRevelation Partners
provides flexible capital solutions to the healthcare ecosystem.
These customized solutions provide liquidity, align shareholders,
and support the growth of privately held healthcare companies. The
firm's long-term approach allows it to address the issues faced by
a wide range of counterparties, including founders, company
management teams, institutional investors (including general
partners), and limited partners. For more information visit
Revelation Partners.
About SLR Capital PartnersFounded in 2006, SLR
is a diversified middle market private credit solutions platform.
The firm is an SEC-registered investment adviser and primarily
invests in U.S. middle market companies in the form of cash flow,
asset-based, and specialty finance senior secured loans. SLR
manages public and private business development companies (“BDCs”),
private credit funds, and separately managed accounts, including
serving as the investment adviser to publicly-traded BDC SLR
Investment Corp. (Nasdaq: SLRC). The SLR Capital Partners Life
Science Finance business provides financing solutions for
later-stage bio-pharma, MedTech, medical device, diagnostics,
healthcare IT, and healthcare services companies, both
venture-backed private and public, and from pre-revenue clinical to
early commercial stage. For more information, please visit SLR
Capital Partners.
About RC CapitalRCC is a healthcare-focused
growth equity firm partnering with high‐potential healthcare
companies and healthcare executives. The company is dedicated to
investing on the right side of healthcare, building companies that
enable clinicians to improve the delivery of care and advance the
experiences and outcomes for patients everywhere. RCC seeks to be a
business partner first and a capital provider second, leveraging a
network of deep healthcare relationships assembled over its 30‐year
operating history. Visit www.rccapital.com for more
information.
About Mutual Capital Partners Mutual Capital
Partners is Cleveland's premier venture capital fund investing in
healthcare IT & medical device companies. We invest in rapidly
growing, revenue generating, and highly differentiated technology
companies. Management is a key focus for us and we work with the
100+ investors in our funds to assist us in due diligence, make
customer introductions for our portfolio companies, and provide
ongoing advice and counsel to our portfolio executives. For more
information regarding Mutual Capital Partners, please visit
www.mutualcapitalpartners.com.
SPR Contacts:Michelle McDonaldVice President –
Marketingmmcdonald@sprtherapeutics.com 844.378.9108
Dave FolkensPublic Relations dfolkens@sprtherapeutics.com
612.978.6547
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