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Stratus Medical completes private placement financing and acquisition of the NimbusRF business for expansion in the interventional pain medicine space
SALT LAKE CITY, Jan. 15, 2020 /PRNewswire/ -- Stratus™ Medical is a new company created to focus on advancing radiofrequency (RF) ablation treatment for chronic pain. Today, Stratus Medical announced that it completed a private placement to acquire the assets of NimbusRF from Biomerics and provide growth capital funding to support the continued global expansion of the Nimbus® RF Multitined Expandable Electrode for chronic pain. The investment was led by Med Venture Holdings.
Nimbus was developed to address the unmet need for an easy to use, efficient, cost-effective RF device that provides a large volume and optimally shaped lesion, which interventional pain specialists, orthopedic surgeons and neurosurgeons can use to treat pain. Nimbus has been shown to reduce procedural time and increase efficiency for hospitals and surgery centers where Nimbus is utilized. The Nimbus device is FDA cleared and CE marked. Nimbus has been utilized in over 100,000 patient treatments in Australia, Brazil, Canada, United Kingdom, United States and other countries.
Bret Boudousquie, Stratus Medical CEO offered, "The rapidly growing global radiofrequency (RF) ablation for chronic pain market has been asking for innovation and Nimbus is well positioned to become the market leader in this space to treat chronic pain. Nimbus offers a highly differentiated and patented technology to meet the needs of patients and physicians alike. With the financial support and expertise from our lead investor, Med Venture Holdings, we will accelerate the global sales and marketing efforts of Nimbus and fund development of our new product pipeline."
Travis Sessions, Med Venture Holdings Managing Partner commented, "We see great value in the interventional pain medicine space as so much emphasis is being placed on reducing the use of narcotics and improving interventional therapies to address chronic pain and improve quality of life. We have been involved with the Nimbus product line for some time and have seen an excellent response from physician users, hospitals and ASC customers. Under Bret's proven leadership, we expect Nimbus to increase its global presence and Stratus Medical to bring innovation to the interventional pain space."
About Stratus Medical – Stratus Medical is an early commercial stage medical device company focused on reducing pain and suffering and improving the quality of life for chronic pain patients through innovation. Stratus Medical is headquartered in Salt Lake City, UT where their leading product, Nimbus, is manufactured. Learn more at stratusmedical.com
About Med Venture Holdings – Med Venture Holdings evaluates, develops, and invests in medical device technologies, products, and services to improve human health and wellness. We partner with entrepreneurs, doctors, engineers, and business owners to provide the financing, relationships, and expertise to build value-creating businesses. Our combination of industry knowledge, regulatory compliance, operations, and finance make us a preferred partner. Learn more at medventureholdings.com
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SOURCE Stratus Medical