Checkpoint Surgical has raised $7.5 million in its first institutional financing to back the commercialization of its hand-held nerve stimulators designed for use during surgery. The Cleveland, OH-based startup will also use the cash to develop new products and expand into new surgical procedures.
The idea behind the company's existing products is to enable surgeons to routinely locate and test motor nerve function during surgery to ensure that they haven't been compromised by the procedure. Checkpoint markets two of these hand-held neurostimulators, one for general surgical use and the other specifically for the head and neck areas.
"Intra-operative nerve injury is a significant risk faced by millions of patients every year," said First Analysis Managing Director Tracy Marshbanks in a release. "Checkpoint has developed unique, effective and simple tools that put control in the surgeon's hands. We are excited to support the management team as they expand their core markets and develop new tools."
The Chicago, IL-based growth equity firm led this financing. Founded in 2009, the company has previously raised about $8 million, according to SEC filings. Its backers also include NDI Healthcare, a local Cleveland investor.
On First Analysis, Checkpoint President and CEO Len Cosentino added in the announcement, "Their extensive experience researching and investing in the healthcare sector will provide invaluable insight going forward. The investment will enable us to accelerate our mission to provide start-of-the-art solutions for perioperative protection, assessment, and repair of neuromuscular function."
The firm sees Checkpoint's nerve monitors emerging as the standard-of-care for neuroprotection during surgery. It said the startup has a pricing, safety and clinical utility advantage of other approaches.
- here's the announcement