SPR® Therapeutics Announces $85 Million in Additional Funding to Advance Rapid Commercial Expansion of the SPRINT® PNS System
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, 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 Partners
Revelation 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 Partners
Founded 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 Capital
RCC 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 McDonald
Vice President – Marketing
[email protected]
844.378.9108
Dave Folkens
Public Relations
[email protected]
612.978.6547
