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Neurent Medical secures €9.3m in series A funding

MDBR Staff Writer Published 28 May 2018

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 commercialisation 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.

Justin Lynch stated that the a significant portion of the rhinitis patient population are candidates for surgical treatments but the present surgical treatments are sub-optimal and provide only temporary relief. They do address only the symptoms of nasal obstruction and do little or nothing for rhinorrhoea.

Neurent Medical’s new therapy seeks to improve the outcomes, lower complicatins with extended duration of relief of both rhinitis symptoms, rhinorrhoea and nasal obstruction. 

He said: “We are investing in Neurent to help build a credible and sustainable business with great growth potential.”

Image: Neurent Medical co-founder & chief technical officer David Townley and co-founder & CEO Brian Shields. Photo: Courtesy of Neurent Medical.