Cleveland’s SPR Therapeutics raises $85M for non-opioid pain treatment option
Photo credit: SPR Therapeutics, Inc.
Cleveland’s SPR Therapeutics has raised $85 million to provide patients with a non-opioid, minimally invasive pain treatment option.
The financing round, led by Revelation Partners with participation from RC Capital and Mutual Capital Partners, includes $25 million in Series D-1 insider equity and a $60 million debt facility. The debt facility is provided by SLR Capital Partners and Armentum Partners served as SPR’s financial advisor.
SPR says the funds will be used to support continued product development, capitalize on customer demand, and expand sales representation around the U.S., among other initiatives.
SPR’s SPRINT system is touted as an innovative way to treat chronic pain with short-term, 60-day treatments that deliver long-lasting results.
The private medical device company is headquartered in Cleveland with satellite offices in Chapel Hill, NC and Minneapolis, MN.
What it means for Ohio
SPR’s fundraise comes amid strong momentum in Ohio’s healthcare and biotech space. Ohio has proven it has all the pieces to be a hub of healthcare innovation, from world-class children’s hospitals and higher education institutions to technology startups and supply chain service providers.
A few recent headlines include:
Cleveland Diagnostics secures $75 million funding to advance early-stage cancer detection
Clarametyx Biosciences, a Columbus-based BioTech, raised a $33 million Series A
Cleveland Clinic and Canon joined forces to create an imaging research center
Augment Therapy, Cleveland-based HealthTech startup, raised a $2.7 million seed plus round
University Hospitals launched the Haslam Sports Innovation Center in Cleveland with a $20 million donation
Forge Biologics, a Columbus startup, announced $620 million acquisition
What they’re saying
“We thank our financing partners and are pleased to raise additional capital to support and accelerate our already significant growth. 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.”
- Maria Bennett, President, CEO and Founder of SPR Therapeutics
“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. 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.”
- Scott Halsted, Managing Partner at Revelation Partners
