Ear nose and throat (ENT) treatment technology developer Aerin Medical announced that it closed a $60 million equity financing.
Sunnyvale, California-based Aerin’s financing was led by new investor Ally Bridge Group with participation from all existing major investors, including KCK MedTech, Questa Capital and OrbiMed.
According to a news release, Aerin Medical intends to use the proceeds to scale commercialization and expand market access to meet demand from physicians and their patients.
The company develops the VivAer and RhinAer technologies, leveraging its proprietary temperature-controlled radiofrequency technology to address two nasal conditions with limited treatment options but a sizeable patient population that is affected.
VivAer treats nasal obstruction, while RhinAer treats chronic rhinitis. Both systems have launched in the U.S. (in 2018 and 2020, respectively) and more than 60,000 patients have been treated with Aerin Medical products to date.
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“Since launching VivAer and RhinAer, Aerin has been committed to partnering with the otolaryngology community to lay the right foundation for their use—including a dedication to robust clinical data evidenced by 10 new peer-reviewed clinical publications delivered in the last year alone,” Aerin Medical CEO Matt Brokaw said in the release. “We appreciate the resulting enthusiastic reception from ENT physicians and their patients, and the commitment from this premier group of private and public healthcare investors.”
In addition to the financing, Aerin Medical announced that Ally Bridge Group Managing Director Kevin Reilly has joined the company’s board of directors.
“Ally Bridge Group has a track record of identifying high-impact global healthcare innovations and partnering with the strong teams behind them to accelerate scalable growth,” KCK MedTech Managing Director and Chair of Aerin’s board of directors Karen Long said. “We’re thrilled to welcome Kevin Reilly and Ally Bridge to our strong syndicate fueling Aerin’s next phase of growth alongside existing partners Questa and OrbiMed.”
