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.