Checkpoint Surgical is a privately held Cleveland-based medical device company that develops proprietary neurostimulation technology to protect, assess, and repair motor nerves during surgery. Its nerve stimulation devices inform intraoperative decision making to help surgeons safely protect and repair peripheral nerves. The company works alongside surgeons on research, education and innovative product development and maintains a substantial multi-disciplinary R&D team. Checkpoint has a specialized, dedicated sales force of 30 and growing to commercialize its products. The company plans multiple new product launches, including the recently acquired NeuroShield nerve wrap, and will use funding to expand its sales team and continue R&D. Financially, Checkpoint completed a $16M equity financing led by River Cities Capital with participation from existing backers and other investors. Checkpoint Surgical develops neurostimulation medical devices intended to protect and repair nerves intraoperatively across the anatomy. The company’s core products have moved from acceptance to adoption throughout the surgical community and the business has experienced strong revenue growth this year. The $8.8M financing will be used to expand sales and marketing resources, advance new product and market opportunities in nerve regeneration and neuroma pain, and bolster the executive team. As part of the growth plan, Checkpoint hired industry veteran Derek Lewis to head operations, research and development and earlier added Rick DiBlasi as Vice President of Sales. The company is privately held and based in Cleveland, Ohio, and positions itself to build a significant business in a large, high-growth nerve protection and repair market. Checkpoint Surgical is a Cleveland, OH-based provider of neurodevices that locate and identify nerves and evaluate nerve and muscle function during surgery. The company offers handheld nerve monitoring solutions featuring ergonomic neurostimulation technology to support safe intraoperative nerve repair. It has two FDA-cleared products: the Checkpoint Stimulator/Locator for a wide range of surgical applications and the Checkpoint Head & Neck Stimulator for head and neck procedures. Checkpoint currently serves over 200 hospitals. Led by President and CEO Len Cosentino, the company plans to use new capital to grow in orthopedic and head and neck markets, expand into new procedure markets and develop additional products. Financially, Checkpoint completed a $7.5M first financing round to support those initiatives. Checkpoint Surgical develops intraoperative neurostimulation devices, principally the CHECKPOINT® Stimulator/Locator, a hand-held nerve and muscle stimulator launched in 2010. The device helps surgeons locate, identify and evaluate nerves to facilitate nerve preservation and repair. Founded in 2009 and led by CEO and president Len Cosentino, the company sells its products in the U.S. via direct sales and distributors. Checkpoint completed a $1.7M Series B in December 2011 and has also secured over $1.3M in non-dilutive funding. Non-dilutive support includes a $1.065M Innovation Ohio loan and a $245k federal grant. The company is using the funding to support sales and marketing efforts and new product development. Checkpoint Surgical offers the Checkpoint Stimulator/Locator, a handheld disposable device that stimulates motor nerves during surgery to help surgeons avoid nerve injury and assess nerve and muscle health. The device received FDA clearance in October 2009. Early pilots were run at more than a dozen hospitals and surgical centers across Ohio, Missouri, New York, the District of Columbia, Pennsylvania and North Carolina, with product purchases by 10 hospitals. The company is commercially launching nationally, selling via phone, online and independent distributors, and recently hired Stephen Jacobs as vice president of sales to build a nationwide sales force. Checkpoint aims to have 100 representatives in healthcare centers by year-end and is initially targeting orthopedic and plastic surgery, with additional applications in trauma, otolaryngology and neurosurgery. To support commercialization and sales expansion, the company raised $1.1 million from JumpStart Inc., private investors and company managers and an additional $250,000 from the Medical Growth Fund. Manufacturing of the device has been transferred to Delta Systems Inc. in Streetsboro, Ohio.

Total raised

$38M

Funding rounds

8

Latest round

Equity

Latest activity

Aug 2021