Aerin Medical closes $16.7 Series C

Nasal airflow device developer Aerin Medical said today it closed a $16.7 million Series C financing round which it operated in 2 separate stages.

The company said an initial closing of $6.1 million was led by the Targeted Technology fund, with a 2nd closing of $10.6 million led by the KCK group. As part of the financing round, KCK Group’s Nael Kassar and Targeted Technology Fund’s Peter Savas were added to the company’s board of directors.

“We are extremely excited to have Targeted Technology and KCK as our lead investors. They are both experienced groups with track records of building highly innovative and successful companies. The funds will be utilized for building clinical evidence and establishing early commercialization in select markets,” CEO Fred Dinger said in a press release.

Aerin Medical is developing a novel nasal breathing repair device for treating nasal obstruction and reducing rhinitis, using radio frequency energy to reshape interior nasal tissue.

“Our non-invasive treatments are well suited to bridge the enormous gap between medical management and surgical interventions for this very large group of patients,” Dinger said in a prepared statement.

Last September, Aerin Medical said it raised $6.7 million in a round of equity financing and CEO Fred Dinger spoke to MassDevice.com about the company’s trajectory and what the funding is slated for.

Dinger said the company has a goal of creating an approach to treating nasal obstructions and disorders that would be useable in an office environment instead of on the operating table.

Dinger said the company won CE Mark approval in the European Union and is in the process of commercializing the product in Europe.  Aerin is also working with the FDA as they seek clearance in the U.S. for the novel device, Dinger added.

On the horizon for Aerin was an expansion of its nasal obstruction treatments into issues that are only currently treated by medication.

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