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Avenue Venture Opportunities Fund Provides $15MM Debt Facility to Third Pole Therapeutics

April 16, 2021, 07:22 AM
Filed Under: Medical

Third Pole Therapeutics, a privately held company developing critical life-sustaining cardio-pulmonary therapies, entered into a $15 million debt facility with Avenue Venture Opportunities Fund, L.P.

"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.

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