Pain management medical device company ReGear Life Sciences has raised $500,000 to boost its sales and marketing efforts.
The Pittsburgh-based company’s portable, 4-pound, pain management device, called the ReBound, works by generating heat deep within a patient’s body tissue. It’s targeted at the sports and long-term care industries.
The fundraise comes from the company’s lead investor, Pittsburgh-based private equity firm Stonewood Capital Management, and an angel investor, the Pittsburgh Business Times reported.
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ReGear is hoping to push the investment up to $750,000, according to a regulatory filing.
The company started out in the sports and military markets, having licensed its technology from the U.S. Navy. But for ReGear, the big money lies in the long-term care market and its 70,000 to 90,000 facilities nationwide.
Last year, ReGear signed as a client Life Care Centers of America, which operates or manages about 220 nursing centers across the country. The ReBound device can be used to treat chronic pain and arthritis.
ReGear says the device reduces pain and increases flexibility and range of motion.
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The company’s pain management device comes with 11 different “therapy garments,” which contain heating coils and are shaped to fit various body parts.
