On Monday, Nov. 2, Neuros Medical Inc. announced it has raised $37 million of a planned $42.8 million stock offering, in an SEC filing. The Willoughby Hills-based neuromodulation company is developing a patented treatment of chronic, post-amputation pain with a high-frequency electrical signal.
The technology for the therapy was created by Dr. Kevin Kilgore and Dr. Niloy Bhadra, staff scientists at MetroHealth Medical Center and professors at CWRU, who have been researching this since 2000.
The system consists of an electrode placed around a peripheral nerve and an implantable pulse generator (IPG). A high-frequency electrical signal is delivered to sensory nerves in the peripheral nervous system to block the pain signal. Results from a pilot trial in 2013 showed pain reduction at an average of 83%.
Kilgore and Bhadra were awarded a four-year, $2.4 million grant from National Institute of Neurological Disorders and Stroke and funding from Case-Coulter Translational Research Partnership in 2015.
