Spirox, Inc. Announces Closing of $45MM Series C Financing

Submitted by kBLASTER Team on

by BusinessWire

MENLO PARK, Calif.--()--Spirox Inc., a privately held medical device company, announced today the closing of a $45 million Series C round of financing led by KKR, a leading global investment firm. In leading the round, KKR joins a strong syndicate of existing investors in the company. Also participating in the financing is new investor HealthQuest Capital along with major existing shareholders Aisling Capital, Aperture Venture Partners and Venrock. 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, looks forward to partnering with KKR to help scale the business and better serve the greater ENT community.

"In addition to being a long-term capital partner, KKR’s experience scaling businesses provides us the opportunity to build for the future and help Spirox achieve the next level of growth,” said CEO Duke Rohlen. “We have a shared vision that will enable Spirox to continue to create cutting-edge innovations in order to provide breathing relief for millions of patients who need it.”

Spirox's FDA 510(k) cleared 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.

“Nasal obstruction is one of the most common complaints among patients who see an ENT physician, and the condition takes an immense toll on patient quality-of-life,” said Brent Senior, Chief of Rhinology, Allergy, and Endoscopic Skull Base Surgery at the University of North Carolina. “Spirox will help ENTs improve results and relieve suffering for their nasal obstruction patients by addressing nasal valve collapse—a primary but often untreated contributor to symptoms.”

As part of the transaction, Jim Momtazee, KKR Member and Head of the Firm’s health care investing team, will join the company’s Board of Directors. “There is a significant need in the ENT space for the technology Duke and his talented team have created to help people breathe better without having to undergo surgery,” said Mr. Momtazee. “We look forward to supporting Spirox to address this condition.”

For KKR, the investment is part of the firm's health care growth equity strategy, which is focused on high-growth companies for which KKR can be a unique partner in helping reach scale. KKR is funding the investment primarily from the balance sheet of KKR & Co. L.P. (NYSE:KKR).
 
 
Save time with kBLASTER's unique result management features of sorting, My Favorites, Saved Search and Search History from a web browser, so either mobile devices or computers can be used to quickly find your primary predicate, multiple predicates or reference devices to build a successful 510(k) clearance strategy. Save money in your 510(k) regulatory strategy and follow-on 510(k) submission spend by enabling self-service extraction of actionable insight from nearly 63,000 FDA medical device 510(k) clearance summaries, plus more than 76,000 splash pages for a total more than 139,000 records.