Galway medical device start-up Neurent Medical, which pioneers treatments for chronic inflammatory sino-nasal diseases, today said it has closed a $25m Series B financing round.
The funding 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.
Neurent Medical said the financing will support the expansion of its clinical and commercial operations as it prepares for US Food and Drug Administration (FDA) clearance and US commercialisation of its proprietary "Neuromark" rhinitis neurolysis therapy.
According to the company, about one in four Americans suffer from chronic rhinitis, which causes 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.
"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," Neurent Medical CEO and co-founder Brian Shields said.
"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," Mr Shields added.