Nervomatrix website
Israeli back pain device company lands $3.5M investment, plans Akron move (MedCity News)
Israeli pain-relief neurostimulation device company Nervomatrix has received a $3.5 million series A investment and is planning to set up its North American sales and marketing headquarters in Akron, Ohio.
The funding comes entirely from Akron-based Everett Partners, and the Israeli company will use it to establish its base in Akron, and fund product enhancements and post-clinical studies, said Neil Wyant, managing director with Everett. Nervomatrix sprang from an Israeli incubator called Targetech. Everett and the city of Akron have invested in Targetech, and Wyant serves as the incubator’s chairman.
Nervomatrix has already received 510(k) approval from the U.S. Food and Drug Administration to begin marketing its back-pain device. It has sold two devices to an unidentified customer in California, and the same customer plans to buy four more, according to Wyant.
As an investor, Wyant is smitten with Nervomatrix’s capital efficiency. “With very little seed capital, this company went from an idea to a prototype to FDA approval to its first customer sales in less tha...
