Neurent Medical Closes $25 Million Series B Funding to Advance Innovative Chronic Rhinitis Treatment

Company Prepares for Commercialization of Revolutionary In-Office Therapy

GALWAY, Ireland–(BUSINESS WIRE)–Neurent Medical, a company pioneering innovative treatments for chronic inflammatory sino-nasal diseases, today announced it has closed a $25 million Series B financing. The round was 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.

The financing will support the expansion of the company’s clinical and commercial operations as it prepares for U.S. Food and Drug Administration (FDA) clearance and U.S. commercialization of its proprietary NEUROMARK™ Rhinitis Neurolysis Therapy™, an innovative in-office treatment for chronic rhinitis.

Approximately one in four Americans suffer from chronic rhinitis,¹ 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.

The traditional rhinitis patient journey is often full of frustration due to limited treatment options. Many chronic rhinitis patients are treated with a combination of continuously prescribed medications including steroid sprays, decongestant sprays, and oral or nasal antihistamines, with varying and limited effectiveness. In addition to the significant expense, excessive use of these remedies can cause issues such as damage to nasal and bodily tissues, medication dependencies and exacerbated symptoms. Invasive surgical procedures and existing in-office interventions provide mixed outcomes for patients, along with the potential for post-operative complications and pain.

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.”

“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,” said Drew Burdon, Investment Manager at LSP. “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 Drew Burdon of LSP and Gerry Maguire, General Partner, Atlantic Bridge, will join Neurent Medical’s Board of Directors.

About Neurent Medical

Neurent Medical is pioneering innovative treatments for chronic inflammatory sino-nasal diseases by targeting and safely disrupting hyperactive parasympathetic nerves that drive underlying inflammation. Its proprietary NEUROMARK™ Rhinitis Neurolysis Therapy™ is the world’s first multi-point nerve disruption therapy for rhinitis. With a unique design and advanced algorithmic control, physicians can precisely target and safely treat multiple underlying nerve branches in a single procedure to alleviate symptoms and improve patient quality of life. The venture capital-backed company is headquartered in Galway, Ireland. For more information visit www.neurentmedical.com.

About LSP

LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. With offices in Amsterdam, Munich, and Boston, LSP currently has the possibility to invest from three funds, each having a distinctive investment scope and a dedicated team: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. For more information: lspvc.com.

¹ Settipane RA, Charnock DR. Epidemiology of rhinitis: allergic and nonallergic. Clin Allergy Immunol. 2007;19:23-34. PMID: 17153005.

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Jessica Stebing

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jstebing@healthandcommerce.com