Neuspera Medical has closed its Series D funding round, securing $23m to advance its Implantable Sacral Neuromodulation (SNM) System towards US Food and Drug Administration (FDA) premarket approval.

Vertex Ventures HC and Treo Ventures spearheaded the investment, with additional funds from Windham Venture Partners, Action Potential Venture Capital, Olympus Innovation Ventures, and another strategic investor.

The Neuspera implantable system is designed to manage urinary urge incontinence (UUI), a distressing symptom of overactive bladder (OAB).

Neuspera's technology is intended to provide a discreet and minimally invasive solution to address this issue.

The device features an ultra-miniaturised pulse generator connected to an electrode array. It is designed to be implanted within the sacral foramen, without the discomfort of a protruding implant.

This design also negates the tunnelling and a separate pocket for an implanted battery.

Neuspera Medical CEO Steffen Hovard said: “We’re excited to bring new partners on board as we approach the next significant milestone of submitting the Neuspera System for regulatory approval.

“The confidence and conviction of our new and existing investors, like Olympus Innovation Ventures, demonstrates the strength and potential of our platform technology.”

Currently, the company’s device has FDA clearance for the treatment of chronic pain of peripheral nerve origin.

Neuspera Medical is now focusing on obtaining approval for its use in treating UUI.

Olympus chief strategy officer and Olympus Innovation Ventures president Gabriela Kaynor said: “As a partner of choice for innovators in urology, we are thrilled to invest in the Neuspera team as they bring the Neuspera System through FDA approval and to the market.

“Based on critical unmet market need and patient demand, changes in society guidelines, and positive feedback from patients and physicians in clinical trials, we are excited to invest in the Neuspera team as they build their innovative Neuspera System for OAB.”