Medical device company Aerin Medical has announced the closing of a $48m equity financing.
The financing round was led by new investor Questa Capital. It also included participation from OrbiMed and existing investor KCK Group.
Funds generated from the financing round will be used to support new clinical studies, a well as develop new products to better serve otolaryngologists and their patients.
A portion of the funds will also be used to accelerate the commercial growth of the company.
The company has also appointed Matt Brokaw as its new president and CEO.
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As part of the investment, Questa Capital Founder and managing partner Ryan Drant will join as the board member of Aerin Medical.
Aerin’s Board of Directors chairman Karen Long said: “We are thrilled to add Matt’s leadership and operating experience to Aerin, along with the business-scaling expertise and long-term capital partnership of Questa and OrbiMed.
“With these partners and Matt at the helm, we have all the pieces in place to continue building a strong, sustainable growth company.”
Based in the US, Aerin Medical has developed treatments that are cleared by the Food and Drug Administration (FDA) for treating nasal airway obstruction and chronic rhinitis.
Aerin provides ear, nose and throat (ENT) physicians with ‘tissue-sparing solutions’ for the treatment of nasal conditions.
Aerin noted that ENT physicians use the company’s VivAer and RhinAer platform technologies for treating patients identified with nasal airway obstruction and chronic rhinitis.
Matt Brokaw said: “Aerin is primed for its next phase of growth, propelled by non-invasive treatments embraced by patients, and in-office procedure options that are increasingly important to the ENT speciality.
“I am tremendously excited to join the team at this critical period and I look forward to working in close partnership with the otolaryngology community and this experienced group of healthcare investors.”