Spiro Medical announced that it closed a $67 million Series A equity financing to support its neuromodulation system.
Irvine, California-based Spiro develops a first-of-its-kind pulmonary neuromodulation (PNM) system for treating asthma. The company emerged from stealth last year with its purpose-built system. It aims to combine neuro-respiratory medicine, implantable devices and precision digital tools.
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Target areas with the company’s PNM technology includes chronic cough and chronic obstructive pulmonary disease (COPD), on top of asthma. Spiro already has three issued patents and last year completed a pilot clinical study of its technology, observing that patients managed medication-free asthma control and normalized quality of life.
Financing for the technology came from a syndicate led by Andrea Partners, Omega Funds and Sherpa Healthcare Partners. HSG, Supernova Invest, Northern Light Venture Capital and Hero Inc. Ltd UK joined as well.
Spiro plans to use proceeds to develop its PNM system and execute on clinical work to pursue regulatory approval in the U.S.
We believe this is a rather unique opportunity to be starting a project with issued patents and some human data which informs us about the potential for this exciting new clinical indication for neuromodulation,” Rinda Sama, CEO of Spiro Medical, said. “We are also highly confident that we can build a world-class system given our team’s experience and expertise in developing implantable neuromodulation systems.”
The company also has the backing of board chair Raymond W. Cohen, the former CEO of Axonics and a significant medtech figure.
“I am delighted to welcome world-class venture capital investors who understand the immense potential of this PNM technology. Once this novel approach comes to market, it promises to have a profound impact on patients suffering from Asthma and other breathing related conditions,” said Cohen.
