Enspire DBS Therapy, Inc., a clinical stage company developing an implantable neuromodulation therapy for post-stroke recovery, has raised $17.6 million of committed capital in a Series B financing led by existing investor, Cleveland Clinic. Also participating in the round were JobsOhio Growth Capital Fund and an undisclosed investor.
The company plans to use the proceeds to initiate the RESTORE pivotal clinical trial using deep brain stimulation (DBS) and rehab therapy (DBS + Rehab) to treat patients with chronic upper extremity impairment due to stroke.
"The first trial in humans known as EDEN (Electrical Stimulation of the Dentate Nucleus for Upper Extremity Hemiparesis Due to Ischemic Stroke), was a proof-of-concept study combining DBS with Rehab to help stroke patients regain function. The results from EDEN led to this Series B raise," said Scott Kokones, Chief Executive Officer of Enspire, "With RESTORE, the company aims to generate the data necessary to demonstrate the long-term safety and efficacy of DBS+Rehab in Stroke patients to support marketing approval."
"Cleveland Clinic Innovations is dedicated to supporting technologies to enhance patient outcomes. Our most recent investment in Enspire DBS aligns with our focus on innovative neuro-stimulation solutions addressing significant clinical challenges," said JD Friedland, Managing Director of Ventures at Cleveland Clinic Innovations. "Enspire's emphasis on operationalizing and advancing new technology matches the mission of Cleveland Clinic Innovations."
