SPR Therapeutics
Cleveland-based medical device company developing the SPRINT Peripheral Nerve Stimulation System, an FDA-cleared 60-day percutaneous PNS therapy for chronic pain. Acquired by Medtronic for approximately $650 million in upfront cash; announced 20 May 2026 and completed 16 July 2026.
Overview
SPR Therapeutics is a Cleveland-based medical device company developing the SPRINT Peripheral Nerve Stimulation System, an FDA-cleared temporary 60-day percutaneous PNS therapy for chronic pain. The company was founded by Maria Bennett, who serves as President, CEO, and Founder. SPR is headquartered in Cleveland, Ohio.
The SPRINT PNS System
The SPRINT system uses a thin lead inserted percutaneously near a target peripheral nerve, with an external pulse generator delivering stimulation over a 60-day treatment window. The lead is then removed; no permanent implant remains. The temporary, non-implanted nature of the system positions it adjacent to pharmacological pain management, in a separate category from permanent implantable neuromodulation devices. SPR received its first FDA 510(k) clearance for the SPRINT PNS System in 2016.
Clinical evidence and adoption
SPR reported its 50,000th SPRINT implant in December 2025. The largest retrospective real-world dataset on SPRINT covers over 6,100 patients, with 71% reporting meaningful pain relief or quality-of-life improvement following the 60-day therapy. SPR has reported national coverage decisions by payers including Aetna, and in September 2026 announced coverage from Humana Medicare Advantage, Peak Health and three Managed Medicaid plans.
Medtronic acquisition
Medtronic announced its intent to acquire SPR Therapeutics on 20 May 2026 for approximately $650 million in upfront cash for all outstanding equity. Medtronic completed the acquisition on 16 July 2026. The announcement landed on the same day as Medtronic’s Q4 FY26 earnings release.
Strategic context
The Medtronic-SPR deal followed Boston Scientific’s October 2025 announcement of a $533 million acquisition of Nalu Medical (closed January 2026), making SPR the second peripheral nerve stimulation specialist bought by a top-three neuromodulation incumbent in seven months. The pattern reflects strategic-buyer consolidation of FDA-cleared PNS specialists by top-three pain franchises. As of October 2026, Abbott, the third major incumbent, had not announced a comparable PNS acquisition.