Aerin Medical announced today that it closed a $48 million equity financing and appointed Matt Brokaw as its new president & CEO.
Brokaw previously served in roles at Tusker Medical, Spirox, Entellus Medical, Stryker (NYSE:SYK), Acclarent, Johnson & Johnson (NYSE:JNJ) and Smith & Nephew (NYSE:SNN).
“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 specialty,” Brokaw said in a news release. “I’m 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.”
New investor Questa Capital led the $48 million funding round, while OrbiMed and existing investor KCK Group also participated in the financing, according to the release.
Sunnvale, Calif.-based Aerin, a developer of treatments for nasal airway conditions, intends to use the proceeds to accelerate commercial growth, support new clinical studies and to develop new products.
The company currently develops tissue-sparing solutions for treating nasal conditions, including the VivAer platform for treating nasal airway obstruction and the RhinAer platform for treating chronic rhinitis.
In addition to the financing, Aerin announced that Questa Capital founder and managing partner Ryan Drant will join its board of directors.
“We’re 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,” KCK managing director & chairman of Aerin’s board Karen Long said. “With these partners and Matt at the helm, we have all the pieces in place to continue building a strong, sustainable growth company.”