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Life Sciences Partners (LSP). (1/20/21). "Press Release: LSP Leads EUR 21 Million Series B Funding Round in Neurent Medical". Amsterdam.

Organisation Organisation Neurent Medical (IE)
Products Product Neuromark™ System (Rhinitis Neurolysis Therapy™)
  Product 2 venture capital
Index term Index term Neurent Medical–SEVERAL: investment, 202101 financing round Series B €21m led by LSP Health Economics Fund 2
Persons Person Shields, Brian (Neurent Medical 202101 CEO + Co-Founder)
  Person 2 Burdon, Drew (Life Sciences Partners 201201 Investment Manager)
     


LSP, one of Europe’s leading life sciences and healthcare investors, today announced its investment in Neurent Medical, an Irish medical device company pioneering innovative treatments for chronic inflammatory diseases of the sinuses and nasal passages. The €21 million Series B financing round was led by LSP, investing from its LSP Health Economics Fund 2, and co-led by Atlantic Bridge investing out of its Growth Fund IV. The round was also supported with strong participation from returning investor Fountain Healthcare Partners.

Approximately one in four Americans suffer from chronic rhinitis, a common condition that results in persistent symptoms including congestion, rhinorrhea, sneezing and nasal itching. Chronic rhinitis significantly decreases quality of life and can have an adverse effect on sleep quality, mood, and daily activities.

Neurent Medical’s proprietary Rhinitis Neurolysis Therapy is a revolutionary treatment option for chronic rhinitis designed to comfortably and safely disrupt hyperactive parasympathetic nerves that drive the underlying inflammation. The NEUROMARK™ System’s unique design, biofeedback monitoring features and advanced algorithmic controls enable the physician to simultaneously treat multiple nerve branches with a high degree of precision, safety, and patient comfort.

“We are grateful for the financial support of this group of highly regarded investors, which will enable us to transition to an international commercial-stage company,” said Neurent Medical CEO and Co-Founder Brian Shields. “Our technology has the potential to provide an effective, safe and comfortable in-office treatment solution to alleviate the burdensome symptoms of chronic rhinitis, and we are excited that this funding brings us a step closer to offering it to clinicians and patients.”

Drew Burdon, Investment Manager at LSP commented, “We are dedicated to nurturing and growing companies with the potential to have a meaningful impact on society, and Neurent Medical is aligned with this mission. The company, with their strong team and pioneering technology is well-placed to succeed in making a significant difference for the millions of people suffering with chronic rhinitis.”

As part of this transaction Drew Burdon (LSP) and Gerry Maguire (Atlantic Bridge) will join the Board of Directors.


About Neurent Medical

Neurent Medical is pioneering innovative treatments for chronic inflammatory sino-nasal diseases by targeting and safely disrupting hyperactive parasympathetic nerves that drive underlying inflammation. Its proprietary NEUROMARK™ Rhinitis Neurolysis Therapy™ is the world’s first multi-point nerve disruption therapy for rhinitis. With a unique design and advanced algorithmic control, physicians can precisely target and safely treat multiple underlying nerve branches in a single procedure to alleviate symptoms and improve patient quality of life. The venture capital-backed company is headquartered in Galway, Ireland. For more information visit neurentmedical.com.


About LSP

LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. With offices in Amsterdam, Munich, and Boston, LSP currently has the possibility to invest from three funds, each having a distinctive investment scope and a dedicated team: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. For more information: lspvc.com.


For further information, contact:
Drew Burdon, Investment Manager, LSP
dburdon@lspvc.com
+31 20 664 55 00

   
Record changed: 2021-01-26

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