Galway, Ireland-based Neurent Medical has closed a $25 million Series B financing. The round was led by new investor LSP, from its LSP HEF-2 fund, and co-led by Atlantic Bridge, investing from its Growth Fund IV. Fountain Healthcare Partners also participated as a returning investor with strong participation in the round.
The financing will support the expansion of the company’s clinical and commercial operations as it prepares for US Food and Drug Administration (FDA) clearance and US commercialization of its proprietary NEUROMARK Rhinitis Neurolysis Therapy, an in-office treatment for chronic rhinitis.
Many chronic rhinitis patients are treated with a combination of continuously prescribed medications including steroid sprays, decongestant sprays, and oral or nasal antihistamines, with varying and limited effectiveness. Invasive surgical procedures and in-office interventions also exist.
Neurent Medical’s Rhinitis Neurolysis Therapy is designed to comfortably and safely disrupt hyperactive parasympathetic nerves that drive the underlying inflammation. The NEUROMARK System’s design, biofeedback monitoring features, and algorithmic controls enable the physician to simultaneously treat multiple nerve branches.
“We are grateful for the financial support of this group of highly regarded investors, which will enable us to transition to an international commercial-stage company,” says Neurent Medical CEO and co-founder Brian Shields, in a release. “Our technology has the potential to provide an effective, safe and comfortable in-office treatment solution to alleviate the burdensome symptoms of chronic rhinitis, and we are excited that this funding brings us a step closer to offering it to clinicians and patients.”
Drew Burdon, Investment Manager at LSP, says in a release, “We are dedicated to nurturing and growing companies with the potential to have a meaningful impact on society, and Neurent Medical is aligned with this mission. The company, with its strong team and pioneering technology, is well-placed to succeed in making a significant difference for the millions of people suffering with chronic rhinitis.”