Third Pole Therapeutics Closes $25M Financing - eNOfit™ Wearable Device Now Ready for Clinical Trials
-eNOfit™, Third Pole's novel nitric oxide mobile-wearable device designed to provide "on-the-go" treatment for patients suffering from severe COPD and ILD, to enter clinical trials in the second half of this year
Funding will support device optimization and clinical trials; Pivotal trial data expected in the second half of 2023
Third Pole Therapeutics, a privately held company developing critical life-sustaining cardio-pulmonary therapies, announced today that it has achieved several significant milestones that include closing a $25M round of financing, and that eNOfit™, the Company's fully miniaturized wearable device, is ready for clinical trials.
CEO Bill Athenson stated, "We want to thank our existing investors who continue to support Third Pole's mission to develop our novel technology into approved products for patients in need. We also welcome our new investors who have joined us in support of this important mission." Mr. Athenson continued, "We are now much closer to improving the lives of 1.2M patients battling severe COPD and ILD (pulmonary fibrosis) and who struggle with each breath to perform the day-to-day activities that most people take for granted. Feedback on our novel device from physicians has been extremely positive. They tell us that our light-weight mobile device has the potential to reduce patients high flow supplemental oxygen dependence, improve their mobility by allowing treatment while traveling and at home, and reduce the risk of heart failure by lowering pulmonary hypertension. These benefits may allow patients to live higher quality lives, require less intensive hospital care and live longer." The Company anticipates final eNOfitTM mobile device testing to be complete in the first half of this year, with clinical trials starting later this year and a potential FDA submission for clearance by the end of 2023.
The Company is also nearing completion of its eNOcare™ platform, which is planned to enter the existing $600M nitric oxide hospital market using the same proprietary, novel NO production technology. Based on the universal endorsements eNOcareTM has received from cardiopulmonary critical care centers around the world, Third Pole expects rapid adoption and significant market expansion soon after launch given its superior safety, usability and reliability features compared with other product alternatives.
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 industry, 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. SOURCE Third Pole Therapeutics