MVM invested $20 million in Optinose. Optinose markets XHANCE, an innovative drug delivery system that delivers steroids high and deep into the nasal cavity for the treatment of certain types of chronic sinusitis. XHANCE is also being evaluated in phase III clinical studies as a treatment for all forms of chronic sinusitis. If successful, XHANCE would be the first drug therapy approved by the FDA for the treatment of all forms of chronic sinusitis, a condition that affects over eight million US patients.
Most chronic sinusitis patients are initially prescribed over-the-counter intranasal steroid sprays which are typically inadequate because they don’t reach the sinuses, which are located deep in the nasal cavity. Patients are then left with poor treatment options, including: systemic steroids, invasive surgery, or very expensive biologic drugs.
XHANCE provides patients with a new, effective alternative which avoids the complications and limitations of these other treatments. Adoption of XHANCE has been robust with annual revenue approaching $70 million and demonstrated strong revenue growth throughout 2021.
Optinose is based in Yardely, Pennsylvania. The company plans to appoint Drs. Eric Bednarski and Kyle Dempsey to the board.
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