CLEVELAND, April 26, 2011 /PRNewswire/ — JumpStart
Ventures, a nonprofit that invests in and partners with
innovative, early-stage companies in Northeast Ohio, announced an
investment commitment of $250,000 in SPR™
Therapeutics. The one-year-old Beachwood, Ohio-based company is
commercializing its proprietary neurostimulation therapy for pain
relief.
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SPR Therapeutics is a spinoff of NDI Medical, LLC, which
developed the technology and licensed it to the startup. The
company’s first product, the SMARTPATCH™ System, will serve
the $150 billion pain market using its Intramuscular Nerve
Therapy™. The Smartpatch external stimulator delivers
an electrical signal to the Smartpatch electrode placed in the
muscle. The electrical signals stimulate the target nerve within
the muscle, thereby exercising the muscle to treat the pain.
Meant for use up to 30 days, Smartpatch has also demonstrated
long-term pain relief. The company’s series of clinical feasibility
studies demonstrated that, at the end of the short-term therapy, 84
percent of patients experienced a significant reduction in pain and
40 percent were pain free. After completing the Smartpatch
therapy, 78 percent of these patients continued to have significant
pain relief.
“Neurostimulation is a growing market being driven primarily by
technology advancements that enable improved clinical outcomes,”
said Michael Lang, the JumpStart Venture Partner now working with
the company. “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.”
The experienced SPR Therapeutics team is led by Maria Bennett,
former Vice Preside
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