A company with a medical device designed primarily to relieve back pain is raising money to market its pain patch.
The lower back pain remedy from Prezacor uses low wavelength energy to treat pain. The startup has raised $460,000 in its latest financing round with a $2 million target, according to a Form D filing with the U.S. Securities and Exchange Commission. As of Oct. 18, the company was self funded with $1 million raised.
The Princeton, New Jersey-based company has 14 investors in a financing round that began Nov. 1. It is seeking to raise the funds through debt and options that could be exchanged for securities.
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Its flagship product, the Energeze Patch, uses low wavelength energy to treat acute and chronic pain, particularly for the back. The patch was developed with its partner, EuroMed — a designer and manufacturer of wound care management products based in Orangeberg, New York.
The company pitched its product at Early Stage East, Clubpitch Philadelphia in October last year.
Prezacor is led by Dr. James Pachence and was founded by Dr. Gary Karpf, the chief scientific officer, who also runs private psychiatric group Cedar Glen Professional Association in Princeton, New Jersey.
The company plans to sell the pain-management patch directly to consumers using the Internet and social media, and sell it over the counter. It expects the patch to be ready for market by the first quarter of 2012, according to literature from the Early Stage East event.
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Several companies have focused on using transdermal drug-delivery systems as a pain-free way of getting medication into the system. Prezacor’s system does not use pharmaceuticals, however.
