Checkpoint Surgical, a Cleveland, Oh.-based neurostimulation company, has raised a $1.7 million Series B round of funding led by its main investor, NDI Healthcare Fund. NDI also runs the neurotechnology incubator that helped start Checkpoint.
Three-year-old Checkpoint, whose flagship product is a muscle stimulator that helps surgeons locate and evaluate nerves during surgery, has also secured a $1.065 million Innovation Ohio loan and a $245,000 federal grant.
Neurodevice firm Checkpoint Surgical completed a $1.7 million Series B investment round led by the NDI Healthcare Fund in December 2011, and secured non-dilutive funding of over $1.3 million, including a $1.065 million Innovation Ohio loan and a $245,000 federal grant.
Checkpoint Surgical was founded in 2009 in Cleveland, Ohio. In 2010, the company launched its flagship product, the CHECKPOINT® Stimulator/Locator, the first in a line of neuroprotective surgical devices. The CHECKPOINT® Stimulator/Locator is a state-of-the-art hand-held, intraoperative nerve and muscle stimulator that helps surgeons to locate, identify and evaluate nerves during surgery to facilitate nerve preservation and repair.
“Over the past year, the CHECKPOINT® has demonstrated market acceptance and is used in a wide range of nerve repair, ENT, orthopaedic, plastic reconstructive, and oncological surgical procedures at many of the nation’s premier hospitals,” said Len Cosentino, CEO and president of Checkpoint Surgical. “We’ve enjoyed consistent quarterly sales growth since launching the CHECKPOINT® and more than 250% growth in 2011 over 2010.”
Checkpoint Surgical is using the funding to support its sales and marketing efforts and new product development. The company distributes its products in the U.S. through a combination of direct sales and distributors.
For more information, please visit www.checkpointsurgical.com.
About Checkpoint Surgical
Founded in 2009, Checkpoint Surgical’s mission is to provide surgeons with state-of-the-art neurodevices to preserve nerves and evaluate nerve and muscle excitability in surgical procedures for better patient outcomes. In 2010, Checkpoint Surgical launched the CHECKPOINT® Stimulator/Locator as its flagship product in a line of proprietary neuromuscular surgical devices. For more information, visit www.checkpointsurgical.com
About NDI Healthcare Fund
Founded in 2010, the NDI Healthcare Fund is a leading venture capital and commercialization firm that focuses on innovative neurodevice technologies to address significant unmet health conditions, improve patients’ lives and provide significant returns to investors. NDI is headquartered in Cleveland, Ohio with locations in North Carolina’s Research Triangle and Minneapolis, Minnesota. For more information, visit www.ndimedical.com