Irish medical device company Neurent Medical has secured €9.3m in series A funding round led by Fountain Healthcare Partners.
Other participants in the funding round include Atlantic Bridge Capital, the Western Development Commission, Enterprise Ireland and a syndicate of Irish and US Medical Device veterans.
With this funding Fountain Healthcare Partners partner and chief financial officer Justin Lynch will join Neurent Medical’s board of directors.
This funding is expected to create 25 new jobs in the company. The new positions will include 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.
Neurent Medical plans to use the funding to advance product development and conduct clinical trials and prepare for the US commercialization of its medical device for treating rhinitis an inflammatory disease of the nose.
Neurent Medical CEO Brian Shields said: “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 partner Justin Lynch 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.
Lynch said: “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”.