Checkpoint Surgical raises $9m for neurostim device

Checkpoint Surgical said today that it raised another $9 million for the handheld nerve monitor it’s developing.

The Cleveland-based company said the $8.8 million round was led by Mutual Capital Partners and included prior backers First Analysis, the JumpStart NEXT Fund and several individual investors.

Checkpoint said it plans to use the proceeds to build out its sales and marketing footprint, develop new products and markets and expand its executive roster.

“We spoke with many of Checkpoint’s surgeon-users and distributors and were impressed with the enthusiasm expressed by key opinion leaders at world-renowned medical institutions using Checkpoint’s technology. Checkpoint has the core technology and team needed to build a significant business in a large high-growth market. We look forward to helping the team build on prior success in the nerve protection and repair space,” Mutual Capital Partners co-founder Wayne Wallace said in prepared remarks.

“First Analysis has witnessed firsthand Checkpoint’s impressive growth and watched as Checkpoint’s core products have moved from acceptance to adoption throughout the surgical community the past several years. We look forward to our continued partnership with Checkpoint and now welcome Mutual Capital Partners to the team,” added First Analysis managing director Tracy Marshbanks.

Checkpoint also said it tapped Derek Lewis to be its operations and R&D head.

“Derek’s proven track record in developing and launching new medical device products with established firms as well as early-stage technology companies makes him a perfect fit for Checkpoint, which is poised for rapid growth in its core markets and expansion into new markets,” president & CEO Len Cosentino said in a press release. “We are excited to add a person of Derek’s caliber and experience to our team and we expect him to contribute quickly to our growth.”

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