NEURENT MEDICAL
Neurent Medical provided an investment opportunity adjudged not to be sniffed at by Enterprise Ireland, which made a payment of c.€1.8m in the Galway medtech spinout in 2020. Neurent has developed a new treatment for chronic sino-nasal inflammations such as rhinitis, which leads to runny noses and congestion. The company’s solution uses low-power electrical currents to disrupt the nerve signals in the nose causing the inflammatory response.
Established in 2015 by former management consultant Brian Shields and product development engineer David Townley, Neurent Medical started development at the BioInnovate Ireland programme in NUI Galway. The novelty of its treatment and the ubiquity of sino-nasal inflammations globally have attracted sizeable investors.
The business raised €9.3m in 2018 to develop and test its ‘Neuromark’ device. The funding round was led by venture capital company Fountain Healthcare Partners, and included Atlantic Bridge, the Western Development Commission and
Enterprise Ireland. Neurent also tied down €1.8m in DTIF funding.
In January 2021, Neurent announced a new funding round of $25m, led by Life Science Partners. Atlantic Bridge and Fountain were also involved, as were a cohort of Galway-based medtech private investors. It’s arguable whether the venture requires taxpayer funding on top of all the private capital.
Meanwhile, the Neurent device awaits FDA approval in the United States, the company’s primary target market. Neurent employs 14 people and says it envisages headcount expanding to 50 by 2023.