Inhaled nitric oxide (iNO) delivery device developer Third Pole Therapeutics announced that it has received a $32 million equity investment “from a large medical device innovator.” In February 2022, the company announced the closing of a $25 million financing. Chiesi acquired global rights to develop and commercialize Third Pole’s tankless iNO technology in April 2020.
According to the announcement, the company plans to use the funding for activities related to a regulatory submission for its eNOcare system for hospital use. The company also said that it plans to initiate a clinical trial of its eNOfit wearable iNO device, which is designed for use by COPD and pulmonary fibrosis patients, in early 2023.
Third Pole CEO Bill Athenson commented, “We are thrilled to receive this investment, which raises Third Pole Therapeutics’ series B financing and commitments to date to over $85 million. I am particularly pleased to welcome this strategic investor and partner given our closely aligned missions. This investment and partnership will accelerate the entry of eNOcare, our advanced portable inhaled nitric oxide (iNO) device, into the iNO hospital market. This significant investment in Third Pole Therapeutics follows considerable diligence of our engineering and regulatory readiness and serves as a strong endorsement of our technology and team’s ability to deliver critical care systems that exceed safety and performance requirements established by regulatory bodies and the most demanding care professionals. We are targeting a 2023 FDA submission for our eNOcare hospital system into the existing and under-penetrated $600 million iNO hospital market.”
Chairman Bill Heiden said, “This strategic investment in Third Pole Therapeutics is directly aligned with both organizations’ mission to advance unique, disruptive, cost-effective solutions that improve outcomes in heart and lung-failure patients. It also provides validation that Third Pole’s technology represents the best in class, tankless nitric oxide portable systems to improve acute and chronic cardiopulmonary patient outcomes.”
Read the Third Pole Therapeutics press release.
