Spirox said this week that it nailed down an $18.5 million Series B round to back development and commercialization of its device to treat patients with nasal obstructions.
Venrock and Aisling Capital led the round for Menlo Park, Calif.-based Spirox, with existing investors Aperture Venture Partners, Correlation Ventures and Western Technology Investment also participating.
SinuSys executives Thomas Schreck and Dr. Jerome Hester had a very different relationship just 3 years ago. Schreck, a serial entrepreneur now on his 3rd venture, was Hester’s patient up until a fateful lunch meeting in Menlo Park, Calif., that led to the founding of SinuSys.
The pair are now busy with the commercial phase of their joint venture, having earlier this year won FDA clearance for the Vent-Os sinus dilation system.
The world’s largest medical device maker bought the rights to a technology that it hopes can one day develop products for functional endoscopic sinus surgery.
Minneapolis-based Medtronic Inc. (NYSE:MDT) said that the so-called chitosan-dextran gel technology was acquired from Robinson Squidgel Ltd., the University of Adelaide in Australia and the University of Otago in New Zealand.
A Medtronic spokesman declined to provide the purchase price for the technology.
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