SPR® Therapeutics Announces $85 Million in Additional Funding to Advance Rapid Commercial Expansion of the SPRINT® PNS System

 // News

February 1  

Cleveland, Ohio – February 1, 2024 – 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 PNSoption 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  


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