Spirox Inc., a privately held medical device company, announced today the closing of an $18.5 million Series B round of financing led by Venrock and Aisling Capital. Existing investors Aperture Venture Partners, Correlation Ventures and Western Technology Investment also participated in the round. Spirox, which is developing a novel, minimally invasive system to be used by Ear, Nose and Throat (ENT) physicians and plastic surgeons to treat patients with nasal obstruction, intends to use the funding to complete development, seek US marketing authorization, and initiate product commercialization.
"We are thrilled to receive support from such a strong syndicate of investors to help us accelerate Spirox towards commercialization," said CEO Duke Rohlen. "This funding is further validation of our technology which has the potential to provide relief for millions of patients suffering from nasal obstruction."
Spirox's technology is intended to treat a significant patient population. Each year, more than three million Americans see a physician for symptoms resulting from nasal obstruction and nearly one million procedures are performed to alleviate these symptoms. Standard treatment options include surgery to treat a deviated septum, surgery to reduce the size of the turbinates, and/or surgery to prevent nasal valve collapse. Although treating the nasal valve creates the greatest improvement in airflow for patients suffering from nasal obstruction, the morbidity associated with the current surgical options has resulted in limited use. Spirox aims to remove this barrier with its minimally invasive approach.
"Spirox is addressing an important contributor to nasal obstruction with a product that has an estimated $1 billion potential," said Camille Samuels, Partner at Venrock. "They have developed a sound technology platform and have a tremendously talented team that is now in a position to expand and rapidly develop this promising device."
Venrock Partner Camille Samuels and Aisling Partner Aftab Kherani will join the Spirox Board of Directors. Additionally, Stacy Enxing Seng has been appointed to the Board of Directors. Stacy was previously President of Vascular Therapies at Covidien, where she was responsible for managing a global organization of more than 4,000 employees, with $1.4 billion in revenue.