Neurent Medical, a company pioneering treatments for chronic inflammatory sino-nasal diseases, has raised $25 million Series B financing in a round 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.
Galway, Ireland-based Neurent Medical stated that the financing will support expansion of the company’s clinical and commercial operations as it prepares for US Food and Drug Administration clearance and US commercialisation of its proprietary Neuromark Rhinitis Neurolysis Therapy, an in-office treatment for chronic rhinitis.
Neurent Medical co-founder and chief executive Brian Shields, said: “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. 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, added: “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.”
As part of this transaction Burdon and Gerry Maguire, general partner at Atlantic Bridge, will join Neurent Medical’s board.
Date published: January 22, 2021