NUI Galway's Neurent Medical has been backed by government investors WDC and Enterprise Ireland as it continues development on its rhinitis treatment device.
Neurent Medical, an Ireland-based rhinitis treatment spinout from NUI Galway, has received €9.3m ($10.9m) in a series A round led by life science-focused venture fund Fountain Healthcare Partners.
The round featured regional development agency Western Development Commission, Irish enterprise support agency Enterprise Ireland, growth equity fund Atlantic Bridge Capital and a range of unnamed angel investors.
Neurent Medical is developing a single-use medical device for treating rhinitis, a nasal inflammatory condition caused by allergens such as pollen or else by accumulated blood vessels and fluids.
The machine inserts via the nostrils into the nasal cavity, where it emits a micro-electrode array that disrupts the inflamed mucosal structures.
Unlike conventional alternatives, it tackles symptoms of runny nose, known as rhinorrhoea, in addition to nasal obstruction.
Neurent will put the capital towards product development and clinical trials as it prepares to commercialise the device in the US.
The company plans to fill 25 new jobs following the round, including senior management, technical and functional roles in the areas of R&D, quality and regulatory assurance, and manufacturing.
Neurent was co-founded by Brian Shields and David Townley, who met on NUI Galway’s BioInnovate Ireland Programme.
Justin Lynch, partner and chief financial officer of Fountain Healthcare Partners, will join the board in connection with the series A round.
Brian Shields, chief executive of Neurent, said: “A substantial portion of the rhinitis patient population are candidates for surgical treatments but currently the surgical treatments are sub-optimal, provide only temporary relief and really only address the symptoms of nasal obstruction and do little or nothing for rhinorrhoea.”
