Third Pole Therapeutics , a privately held company developing critical life-sustaining cardio-pulmonary therapies, announced today that it has entered into a $15 million debt facility with Avenue Venture Opportunities Fund, L.P. (“Avenue Venture Fund”).
|
WALTHAM, Mass., April 15, 2021 /PRNewswire/ -- Third Pole Therapeutics, a privately held company developing critical life-sustaining cardio-pulmonary therapies, announced today that it has entered into a $15 million debt facility with Avenue Venture Opportunities Fund, L.P. (“Avenue Venture Fund”).
“We are pleased to partner with Avenue Venture Fund and their team as we achieve some of the most significant milestones in our company’s history. This non-dilutive funding will support validation testing of the first tankless iNO (inhaled nitric oxide) wearable device for home use,” said Bill Athenson, Third Pole’s CEO. “We appreciate Avenue’s confidence in our late-stage FDA designated ‘breakthrough’ hospital and wearable platforms that deliver portable iNO therapies from hospital to home.” Chad Norman, Senior Portfolio Manager with Avenue Venture Fund, commented, “Having worked with a number of companies in the inhaled nitric oxide space, I was very impressed by the unique technology platform that Third Pole potentially offers patients. We are extremely pleased to be financial partners to such a strong team and technology.” “Increasing access to iNO therapy for patients everywhere is what drives Third Pole,” said Third Pole’s Board Chairman Bill Heiden. “If we have learned anything during the COVID pandemic, it is that there is an enormous need for treatment modalities that can be delivered and monitored from the patient’s home. Third Pole is miniaturizing the same reliable technology they have developed for hospital use to also be used conveniently at home. Third Pole’s knowledge of this molecule uniquely positions the Company to deliver a safe, accurate, and consistent therapy to these patients from hospital to home.” Entoro Capital was Third Pole’s advisor on this financing. About Avenue Venture Opportunities About Third Pole Therapeutics, Inc. Two decades later, we have solved the last-mile hurdles which prevented 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 novel home wearable and acute-hospital products make iNO from electricity and the air we breathe, creating a make it and take therapy free from the hazards of compressed gas storage. This strongly patented, versatile technology has the potential to rapidly capture the entire existing tank-based market and expand beyond current indications to treat interstitial lung disease, chronic obstructive pulmonary disease, cystic fibrosis, and critical viral and bacterial infections. For more information, please visit www.pole3.com. Contacts Investor/Media Relations
SOURCE Third Pole Therapeutics |
View original content to download multimedia:
