Amsterdam, the Netherlands - January 20, 2021: LSP, one of Europe’s leading life sciences and healthcare investors, today announced its investment in Neurent Medical, an Irish medical device company pioneering innovative treatments for chronic inflammatory diseases of the sinuses and nasal passages. The €21 million Series B financing round was led by LSP, investing from its LSP Health Economics Fund 2, and co-led by Atlantic Bridge investing out of its Growth Fund IV. The round was also supported with strong participation from returning investor Fountain Healthcare Partners.
Approximately one in four Americans suffer from chronic rhinitis, a common condition that results in persistent symptoms including congestion, rhinorrhea, sneezing and nasal itching. Chronic rhinitis significantly decreases quality of life and can have an adverse effect on sleep quality, mood, and daily activities.
Neurent Medical’s proprietary Rhinitis Neurolysis Therapy is a revolutionary treatment option for chronic rhinitis designed to comfortably and safely disrupt hyperactive parasympathetic nerves that drive the underlying inflammation. The NEUROMARK™ System’s unique design, biofeedback monitoring features and advanced algorithmic controls enable the physician to simultaneously treat multiple nerve branches with a high degree of precision, safety, and patient comfort.
“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,” said Neurent Medical CEO and Co-Founder Brian Shields. “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 commented, “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 their 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 Drew Burdon (LSP) and Gerry Maguire (Atlantic Bridge) will join the Board of Directors.
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