NUI Galway Spin-Out Raises €9.3m in Funding

A Galway-based medical device company has raised €9.3 million in investment. Neurent Medical Limited specialises in the ear, nose and throat (ENT) market, designing and developing products for treating inflammatory diseases of the nasal cavities. The initial product offering reduces the primary symptoms of rhinitis, congestion and rhinorrhoea.

The funding round was led by Fountain Healthcare Partners with participation from Atlantic Bridge Capital, the Western Development Commission, Enterprise Ireland and a syndicate of Irish and US medical device veterans. The funds will be used to advance product development, carry out clinical trials and prepare for US commercialisation of the device. The investment will also create up to 25 new positions in the company.

Announcing the news, Neurent Medical Chief Executive, Brian Shields, commented: “We are delighted to announce this investment, which will help us to advance our product development and ultimately get our technology in the hands of ear, nose and throat surgeons. Fountain Healthcare Partners, along with other members of our investment syndicate, bring huge experience to Neurent Medical and have a proven track record in the industry. We would also like to take the opportunity to thank Enterprise Ireland for their continued support over the past number of years.”

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Pictured above: David Townley, Chief Technology Officer, and Brian Shields, Chief Executive Officer

Photo by: Michael Dillon