Nevro lands $58M for pain device

Johnson & Johnson Development Corporation led a $58 million financing for Nervo Corp., a pain management company that's developing a new spinal cord stimulation (SCS) therapy intended to provide a new option for the treatment of both chronic back pain and leg pain. Existing investors Aberdare Ventures, Accuitive Medical Ventures, Bay City Capital, Mayo Clinic, MPM Capital and Three Arch Partners also participated in the round. The money will fund a pivotal clinical study in the U.S. and support international commercialization of the product, according to a release.

"We are excited to add JJDC to our experienced team of investors," said CEO Michael DeMane. "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."

- here's Nevro's release for more

ALSO: PricewaterhouseCoopers reports that medical device and equipment investment rose 9.1% in Q2, despite the fact that there were 17% fewer deals than in Q2 2010. PWC report