Galway, Ireland – Neurent Medical Limited, an Irish medical device company specialising in the treatment of rhinitis, announces that it has raised €9.3m ($11m) in a Series A financing round led by Fountain Healthcare Partners with participation from Atlantic Bridge Capital, the Western Development Commission, Enterprise Ireland and a syndicate of Irish and US Medical Device veterans. This funding will be used to advance product development, carry out clinical trials and prepare for US commercialisation of the device. As part of the Series A financing, Justin Lynch of Fountain Healthcare Partners will join the Board of Directors of Neurent Medical. Existing independent Non-Executive Director Mark Fletcher (former President of Medtronic’s ENT business) will be retained on the board with Brian Shields and David Townley.
Rhinitis is reported to affect 30% of the population. It is associated with direct healthcare costs of up to $15bn per year in the US. Rhinitis has a proven major impact on quality of life, cognitive function and decision-making and is associated with decreased work productivity and absenteeism. Neurent Medical is developing a novel therapy that will offer allergic and non-allergic rhinitis patients an alternative, minimally invasive, and more readily accessible treatment to alleviate the two primary symptoms of rhinitis, rhinorrhoea and nasal obstruction. Neurent Medical’s therapy will enable ENT surgeons to treat rhinitis patients in an ENT office setting using only local anaesthesia, removing the complications and costs associated with existing surgical procedures. The potential market is as high as $2bn upon full commercialisation following successful clinical trial completion.
Commenting on their investment in Neurent Medical, Justin Lynch, Partner at Fountain Healthcare Partners said, “A substantial portion of the rhinitis patient population are candidates for surgical treatments but currently the surgical treatments are sub-optimal, provide only temporary relief and really only address the symptoms of nasal obstruction and do little or nothing for rhinorrhoea. Neurent Medical with its novel therapy, is seeking to improve outcomes, lower complications with extended duration of relief of both rhinitis symptoms, rhinorrhoea and nasal obstruction. We are investing in Neurent to help build a credible and sustainable business with great growth potential”.
Neurent Medical Chief Executive Brian Shields commented, “We are delighted to announce this investment, which will help us to advance our product development and ultimately get our technology in the hands of ENT surgeons. Fountain Healthcare Partners, along with other members of our investment syndicate, bring huge experience to Neurent Medical and have a proven track record in the industry. We would also like to take the opportunity to thank Enterprise Ireland for their continued support over the past number of years”
Neurent Medical expects to create up to 25 new positions in the company as a result of this investment. This includes a series of both senior management and technical/functional hires over the coming months to fulfil the Research & Development, Quality and Regulatory Assurance and Manufacturing functions of the company.
About Neurent Medical Ltd
Neurent Medical Ltd is a privately held, venture backed, Galway (Ireland) based medical device company in the Ear, Nose and Throat market. The company designs and develops products for treating inflammatory diseases of the nasal cavities. The initial product offering reduces the primary symptoms of rhinitis, congestion and rhinorrhoea. Neurent Medical was by established by Brian Shields and David Townley as a spin-out from the National University of Ireland, Galway. www.neurentmedical.com
About Fountain Healthcare Partners
Fountain Healthcare Partners is a life science focused venture capital fund with €176 million ($200 million) under management. Within the life science sector, specific areas of interest to Fountain include specialty pharma, medical devices, biotechnology and diagnostics. The firm deploys the majority of its capital in Europe, with the balance in the United States. Fountain’s main office is in Dublin, Ireland, with a second office in New York. For more information, please visit www.fh-partners.com.