Neurent Medical reportedly sniffed out a funding round of nearly $12 million for the minimally invasive rhinitis treatment it’s developing.
The €9.3 million round for Oranmore, Ireland-based Neurent was led by Irish venture capital shop Fountain Healthcare Partners and included participation from Atlantic Bridge, Ireland’s Western Development Commission, Enterprise Ireland and a syndicate of U.S. and Irish medical device veterans, the Irish Times reported.
According to its website, the single-use Neurent device uses radiofrequency energy to “interrupt the autonomic function within the mucosal structures of nasal cavities which will reverse the inflammatory cascade” in a minimally invasive, outpatient procedure to treat chronic runny nose. The technology, designed to deliver three years of relief without medication, is based on a high-risk but effective treatment from the 1950s, co-f0under & CEO Brian Shields told the newspaper.
“The outcome was brilliant back then, if you weren’t blinded by the procedure or dead,” Shields said, adding that the cash infusion is enough to hire 25 workers and see the company through to a bid for FDA approval. The company hopes to launch the first of a pair of clinical studies in 2019, according to the paper.