JumpStart Ventures has added yet another company to its investment portfolio, committing $250,000 to
SPR Therapeutics of Beachwood.
The investment represents JumpStart Ventures' 76th investment in its 54th company.
SPR, a year-old spinoff of NDI Medical, LLC, is commercializing its proprietary neurostimulation therapy for pain relief,
JumpStart says. The company's first product, the SMARTPATCH System, will serve the pain market using its Intramuscular Nerve Therapy. The external stimulator delivers an electrical signal to the SMARTPATCH electrode to stimulate the target nerve within the muscle, thereby exercising the muscle to treat the pain.
In the announcement, Michael Lang, the JumpStart Venture Partner working with the company, noted that "Neurostimulation is a growing market being driven primarily by technology advancements that enable improved clinical outcomes. This field is of considerable interest to medical device manufacturers and, since the leadership of SPR Therapeutics is well-versed in neurostimulation, the company is positioned to move quickly down the commercialization path."
SPR Therapeutics has received federal Small Business Innovation Research grants and a $100,000 grant from the
Innovation Fund of Lorain County Community College.
Source: JumpStart Ventures