Neurent Medical has raised €62.5m (US$74m) in an oversubscribed Series C financing round to support commercial expansion, broaden clinical evidence and advance its product and indication pipeline.
The round was led by MVM Partners, with significant participation from Sofinnova Partners, and included continued support from existing investors EQT Life Sciences, Atlantic Bridge, Fountain Healthcare Partners and Enterprise Ireland.
Neurent Medical is behind Neuromark, a minimally invasive solution to treat chronic rhinitis, a condition involving long-term inflammation of the nasal passages. The approach is designed to avoid major surgery.
Chief executive Brian Shields said: “This Series C financing will support our commercial expansion and help bring Neuromark to the patients and physicians who need it most.
“In addition to expanding patient access, this investment will also enable further evidence generation across broader populations and support the continued development of our exciting pipeline offerings.”
Kyle Dempsey, partner at MVM Partners, and Cedric Moreau, partner at Sofinnova Partners, will join the board.
In 2021, Neurent raised a US$25m Series B financing led by LSP, now EQT Life Sciences, and co-led by Atlantic Bridge, with Fountain Healthcare Partners also participating as a returning investor.
In 2018, the company raised €9.3m in a funding round led by Fountain Healthcare Partners, alongside Atlantic Bridge Capital, the Western Development Commission, Enterprise Ireland and a syndicate of US and Irish medical device sector veterans.
