| Source: Third Pole Therapeutics
- Funding will support the final development phase prior to planned 2023 FDA submission of the company’s “breakthrough” designated eNOcare™ hospital device
WALTHAM, Mass., Dec. 14, 2022 (GLOBE NEWSWIRE) — Third Pole Therapeutics, a privately held company developing critical life-sustaining cardio-pulmonary therapies, announced today a $32M equity investment, from a large medical device innovator.
Bill Athenson, CEO of Third Pole, stated, “We are thrilled to receive this investment, which raises Third Pole Therapeutics’ series B financing and commitments to date to over $85M. 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.” Mr. Athenson continued, “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 underpenetrated $600 million iNO hospital market.”
Bill Heiden, Third Pole’s Chairman added, “This strategic investment in Third Pole Therapeutics is directly aligned with both organization’s 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.”
“I am also pleased to report that eNOfit™, our novel miniaturized mobile-wearable nitric oxide device designed to provide ’on-the-go’ treatment for patients suffering from severe COPD and ILD (pulmonary fibrosis), is scheduled to enter clinical trials in the next few months. We have achieved the unprecedented technological advance of miniaturizing tankless, on demand NO generation into a book-sized, portable device. We look forward to realizing this portable device’s potential to improve the lives of the 1.5M pulmonary hypertension patients who struggle with each breath to perform the simple day-to-day activities most of us take for granted. The eNOfit™ commercial opportunity is estimated to exceed $12B annually,” concluded Mr. Athenson.
Third Pole’s product development has been generously supported by awards from the National Heart, Lung, and Blood Institute of the National Institutes of Health and the National Center for Advancing Translational Sciences of the National Institutes of Health.
About Third Pole Therapeutics, Inc.
Third Pole Therapeutics develops and delivers critical life-sustaining cardio-pulmonary therapies. Warren Zapol, M.D., Third Pole’s founder, invented the first use for inhaled nitric oxide (iNO) for the treatment of hypoxic respiratory failure in new-born infants (blue babies). Since then, in addition to blue babies, hundreds of thousands of pediatric and adult patients experiencing elevated pulmonary pressure, inflammation and poor oxygenation during and after heart surgery have been treated with inhaled nitric oxide, creating a $600 million inhaled nitric oxide market, concentrated in large hospitals, and developed markets.
Two decades later, Third Pole has successfully created a scalable technology that delivers nitric oxide for inhalation, instantly, on-demand, and in unlimited quantities. Third Pole’s technology solves the cost and logistical hurdles which have prevented widespread iNO use in various markets in the U.S. and abroad that lacked the training and infrastructure required to transport, maintain, return, and refill large cylinders of compressed gas safely. Third Pole’s two novel platforms include eNOfit™ a miniaturized wearable device for home and travel and eNOcare™, a lightweight portable in-hospital device. Both make iNO by combining electricity and the air we breathe, creating a “make it and take it” therapy, free from the hazards of compressed gas storage. These broadly patented, versatile platforms have the potential to rapidly capture the entire existing tank-based market and expand beyond current indications to treat interstitial lung disease (ILD), chronic obstructive pulmonary disease (COPD), cystic fibrosis, and life threatening, viral, and bacterial infections. For more information, please visit www.pole3.com.
Contacts
Third Pole Therapeutics, Inc.
Elizabeth Holmberg, Chief Financial Officer
908-310-0596
[email protected]
Comments are closed.