Cleveland, Ohio-based medical device company Neuros Medical has secured a total of $38.5m in a Series BB financing round, jointly led by existing and new investors.

New investors Amzak Health and Sectoral Asset Management, and InCube Ventures, along with existing investors US Venture Partners, Osage University Partners, and Aperture Venture Partners, and others participated in the funding round.

As part of the transaction, Joyce Erony from Amzak Health and Marc-Andre Marcotte from Sectoral Asset Management appointed as Neuros board of directors, along with Andrew Farquharson from InCube Ventures as a board observer.

Joyce Erony and Marc-Andre Marcotte said: “The QUEST Study is a rigorous clinical trial that is being conducted in an historically understudied population.

“Altius has the potential to become a very important treatment alternative for the large, addressable pool of patients who suffer from chronic post-amputation pain, including an opportunity to reduce ongoing dependency on opioids.”

QUEST trial to evaluate Altius High-Frequency Nerve Block system

Neuros intends to use the funding to complete enrolment of its QUEST (High-FreQUEncy Nerve Block for PoST-Amputation Pain) clinical trial, and apply for pre-market approval.

QUEST is a randomised, double blinded, active sham controlled clinical trial, conducted under an Investigational Device Exemption (IDE), in 180 subjects.

The clinical trial is designed to assess the safety and effectiveness of the company’s Altius High-Frequency Nerve Block system to treat intractable post-amputation pain.

Neuros has developed the Altius system to treat chronic post-amputation pain, also called the phantom limb pain and residual limb pain. The system incorporates high-frequency nerve block, the company’s patented platform technology.

Altius system features a nerve cuff electrode placed around a peripheral nerve and an implantable pulse generator (IPG), to deliver high-frequency electrical signal to sensory nerves in the peripheral nervous system to block the pain signal.

Neuros president and chief executive officer Tom Wilder said: “We are fortunate to have the support of a strong consortium of life sciences venture capital firms and welcome Amzak Health, Sectoral Asset Management, and InCube Ventures as investors in Neuros.”