MENLO PARK — Spirox Inc., a privately held medical device company, has closed 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 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.
“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 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.”