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.
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 with satellite offices in Chapel Hill, North Carolina and Minneapolis, Minnesota.
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 rather than as a direct competitor to permanent implantable neuromodulation devices. The SPRINT PNS System was commercialised in July 2017.
Clinical evidence and adoption
The SPRINT PNS System has been used in more than 50,000 patient implants to date. 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. SPRINT is covered nationally by major US payers including Aetna.
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. The transaction is expected to close within the first half of Medtronic’s fiscal year 2027 (which began on 25 April 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, with Abbott (the third major incumbent) yet to make a comparable PNS acquisition.