Galway medtech start-up Neurent Medical has raised $25m in a Series B round to fund its expansion into the US.
Neurent develops a device, called Neuromark Rhinitis Neurolysis Therapy, for treating inflammatory sino-nasal conditions. It is now seeking clearance from the Food and Drug Administration (FDA) to commercialise its product in the US market.
The funding was led by new investor LSP, which has previously backed other Irish medtech companies like Neuravi and Atlantic Therapeutics. Atlantic Bridge and State-backed Fountain Healthcare Partners also participated in the round.
The funds will be used to expand both Neurent’s clinical and commercial operations and prepare for launching in the US market. It conducted clinical trials in the US last year.
According to stats cited by the company, one in four Americans suffer from chronic rhinitis, which is a common nasal condition but can cause great discomfort and disrupt sleep.
Traditional treatments for rhinitis include steroid and decongestant sprays and oral or nasal antihistamines that the company said can have limited results, leaving the market open to a new treatment.
The Neuromark device and treatment can be administered by physicians in their office by inserting the device into the nasal passages to treat inflamed nerves.
Neurent chief executive Brian Shields said the investment will “enable us to transition to an international commercial-stage company”.
“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,” he said.
Drew Burdon of lead investor LSP, which has invested through its HEF-2 fund, will be joining the company’s board of directors.
“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,” Burdon said.
Neurent Medical was founded in 2014 by Shields and David Townley, and raised a €9.3m Series A round in 2018. It currently has 14 staff in Galway and expects to reach 25 this year.
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