Spirox said today that it closed the books on a Series C round worth $45 million for the new device it’s developing to treat nasal obstructions.
Spirox, which pulled down an $18.5 million Series B nearly a year ago, said the latest round was led by private equity giant KKR and joined by new investor HealthQuest Capital. Existing backers Aisling Capital, Aperture Venture Partners and Venrock also participated, the Menlo Park, Calif.-based company said.
“In addition to being a long-term capital partner, KKR’s experience scaling businesses provides us the opportunity to build for the future and help Spirox achieve the next level of growth,” CEO Duke Rohlen said in prepared remarks. “We have a shared vision that will enable Spirox to continue to create cutting-edge innovations in order to provide breathing relief for millions of patients who need it.”
“Nasal obstruction is one of the most common complaints among patients who see an ENT physician, and the condition takes an immense toll on patient quality-of-life,” added Dr. Brent Senior of the University of North Carolina. “Spirox will help ENTs improve results and relieve suffering for their nasal obstruction patients by addressing nasal valve collapse – a primary but often untreated contributor to symptoms.”
Spirox hopes to compete with existing invasive surgical procedures, which carry higher levels of risk. More than 1 million surgeries are performed each year to alleviate nasal obstructions, according to the company.
“There is a significant need in the ENT space for the technology Duke and his talented team have created to help people breathe better without having to undergo surgery,” said KKR’s Jim Momtazee, who’s slated to join the Spirox board as part of the Series C round. “We look forward to supporting Spirox to address this condition.”