GALWAY MEDICAL DEVICE company Neurent Medical has raised €9.3 million to bolster its product development and commence clinical trials ahead of a US launch.
Neurent develops a small device for the treatment of nasal condition rhinitis, an inflammatory disease of the nose that leads to sneezing, coughing, headaches and fatigue.
The device is placed inside a patient’s nasal cavity to help reduce inflammation.
The series A round was led by Dublin’s Fountain Healthcare Partners with participation from Atlantic Bridge Capital, the Western Development Commission and Enterprise Ireland. A number of unnamed medical device-related investors also backed the round.
The Oranmore company said that it plans to hire 25 new people in areas like research and development, regulatory assurance and manufacturing.
The investment will accelerate product development and “ultimately get our technology in the hands of ENT (ear, nose and throat) surgeons,” chief executive Brian Shiels said.
Rhinitis is associated with up to $15 billion in healthcare costs in the US, the company said. It will be carrying out clinical trials with a view to launch the product commercially in the US.
Surgical treatments for rhinitis are “sub-optimal” and “provide only temporary relief”, said Justin Lynch of Fountain Healthcare Partners, who will be joining the company’s board of directors.
The device will allow ear, nose and throat surgeons to treat the condition using only local anaesthesia in an office setting rather than a surgery. This will reduce time and costs currently associated with other treatments.
“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,” Lynch said.
According to Neurent, the market for nasal treatment devices could be as high as $2 billion.