Neuros Medical has successfully secured $56 million to accelerate the commercialization of its innovative nerve stimulation system, designed to alleviate chronic post-amputation pain. The announcement was made on Wednesday, with plans to utilize the funding to enhance commercial operations for the Altius device in the United States and to further develop the technology.
Addressing a Critical Need
Chronic pain following amputation affects approximately 80% of individuals, manifesting as phantom or residual limb pain. This condition is often linked to significant challenges, including anxiety, depression, and a diminished quality of life. Traditional pain management approaches, such as opioids, while effective, carry risks of side effects, tolerance, and potential abuse, underscoring the pressing need for alternative solutions.
The Altius device offers a promising option. Approved by the Food and Drug Administration in 2022, it employs a technique that stimulates damaged nerve endings to reduce pain. The system comprises an implantable pulse generator with a rechargeable battery, linked to a cuff electrode that wraps around the affected nerve.
Neuros Medical validated the effectiveness of Altius through a controlled trial involving 180 participants. Results indicated that, by the twelfth month, patients with the device reported reduced average pain levels, experienced fewer painful days each week, and showed decreased reliance on opioids. Additionally, participants scored higher on quality-of-life assessments, although 8% of patients experienced serious device-related adverse events.
Expanding Availability and Future Plans
In February, Neuros Medical entered a distribution agreement to make Altius accessible in VA Healthcare and military treatment facilities. From 2001 to 2017, over 1,700 U.S. armed forces members suffered major amputations related to deployment. However, non-traumatic causes, such as diabetes and vascular diseases, are more prevalent, accounting for 94% of amputations in the U.S. in 2019.
With the new funding, Neuros aims to scale its commercial operations effectively. The financing round was led by new investor EQT Life Sciences, with participation from existing investors including US Venture Partners, Amzak Health, Osage University Partners, Sectoral Asset Management, and Aperture Venture Partners. This capital injection positions Neuros Medical to meet the growing demand for innovative pain management solutions in the post-amputation community.