Menlo Park, CA-based Nevro, a company focused on the relief of chronic pain, has completed a $58 million financing round led by new investor, Johnson & Johnson Development Corporation. Existing investors participating in the round included Aberdare Ventures, Accuitive Medical Ventures, Bay City Capital, Mayo Clinic, MPM Capital and Three Arch Partners.
"This round of financing will underpin our expansion in global markets and fund U.S. clinical development efforts for this next generation neuromodulation technology," said Michael DeMane, CEO of Nevro. "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."
The Nevro spinal cord stimulation system received CE mark in 2010 and is now commercially available at centers outside the U.S.
Back in March, Nevro announced DeMane would become the company's president and CEO. DeMane had previously served as the COO of Medtronic, and as MassDevice notes, very briefly held the top spot at Bloomfield, CO-based Lanx, a spinal surgery device maker.
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