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Nevro Corp Nabs $58 Million for Anti-Pain Device



7/19/2011 10:50:00 AM

MENLO PARK, Calif.--(BUSINESS WIRE)--Nevro Corp., a neuromodulation company focused on relief of chronic pain, announced today that it has completed a $58 million financing round led by new investor, Johnson & Johnson Development Corporation (JJDC). Existing investors participating in this financing round included Aberdare Ventures, Accuitive Medical Ventures, Bay City Capital, Mayo Clinic, MPM Capital, and Three Arch Partners.

The funds will be used to sponsor a pivotal clinical study in the U.S. and provide continued support for the company’s international commercialization strategy.

“We are excited to add JJDC to our experienced team of investors,” said Michael DeMane, chief executive officer of Nevro Corp. “This round of financing will underpin our expansion in global markets and fund U.S. clinical development efforts for this next generation neuromodulation technology. There is a significant need for better outcomes, a simpler procedure, and an enhanced patient experience in the treatment for chronic pain. We hope to address these needs.”

About Nevro Corp

Nevro Corp., headquartered in Menlo Park, California, is a privately-held medical device company founded in 2007 to provide advances in chronic pain relief through neuromodulation technology. The Nevro Spinal Cord Stimulation System received CE mark in 2010 and is now commercially available at leading centers outside the United States. For more information, please visit www.nevro.com. nt for chronic pain. We hope to address these needs.”

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