Enspire DBS Therapy Inc., a clinical-stage company in Cleveland that's developing an implantable neuromodulation therapy for post-stroke recovery, announced it has raised $17.6 million in a Series B financing.
The round was led by Cleveland Clinic, an existing investor. (Enspire DBS is a Clinic portfolio company.) Also participating in the round were JobsOhio Growth Capital Fund and an undisclosed investor, Enspire DBS said in a news release issued Tuesday morning, Aug. 1.
The company said it plans to use the proceeds to initiate the RESTORE Stroke Pivotal Study trial using deep brain stimulation (DBS) and rehab therapy to treat patients with chronic upper extremity impairment due to stroke.
Scott Kokones, CEO of Enspire, said in a statement that results of a previous trial known as EDEN (Electrical Stimulation of the Dentate Nucleus for Upper Extremity Hemiparesis Due to Ischemic Stroke), conducted at the Clinic, led to the Series B raise.
"With RESTORE, the company aims to generate the data necessary to demonstrate the long-term safety and efficacy of DBS plus rehab in stroke patients to support marketing approval," Kokones said.
JD Friedland, managing director of ventures at Cleveland Clinic Innovations, said in a statement that the new investment in Enspire DBS "aligns with our focus on innovative neuro-stimulation solutions addressing significant clinical challenges." He added, "Enspire's emphasis on operationalizing and advancing new technology matches the mission of Cleveland Clinic Innovations."
The company said about 800,000 people in the U.S. suffer strokes each year.
Enspire DBS was established in 2010.
This story first appeared in Crain's Cleveland Business.