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SPR® Therapeutics Announces $85 Million in Additional Funding to Advance Rapid Commercial Expansion of the SPRINT® PNS System | ||
By: GlobeNewswire - 01 Feb 2024 | Back to overview list |
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CLEVELAND, Feb. 01, 2024 (GLOBE NEWSWIRE) -- 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 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. More information can be found at www.SPRTherapeutics.com. About Revelation Partners About SLR Capital Partners About RC Capital About Mutual Capital Partners SPR Contacts: Dave Folkens |
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