The technology enables delivery deep into the nasal cavity, making it suitable for treating local and systemic disease. OptiNose has recently completed Phase II trials using the technology for chronic rhinosinusitis, with and without polyposis, and migraines.
Now the company plans to move into Phase III. To support this, and the establishment of commercialisation infrastructure, OptiNose is receiving $48.5m from private equity firm Avista Capital Partners.
In conjunction with the investment, OptiNose is re-establishing a US presence. This entails reincorporating in the US and moving its headquarters from Oslo, Norway to Yardley, Pennsylvania, US.
OptiNose has also appointed former Johnson & Johnson executive Peter Miller as CEO. Larry Pickering, am Avista healthcare industry executive, will become the chairman of OptiNose.
New York-based WFD Ventures will maintain a significant stake in OptiNose and continue to support the development programme.
The OptiNose delivery device can administer therapeutics to the upper posterior segment. This allows the therapeutic to reach the entrances to the sinuses for the treatment if rhinitis and sinusitis.
OptiNose believes current therapies are inadequate for treating these conditions because the drug fails to reach the target site. Delivery to the target region is achieved without causing deposition of the drug in the lungs.
Miller said: “I believe this technology provides a broad platform for delivering significant value to patients, physicians, and payers, with potential applications in pharmaceuticals, vaccines, and OTC (over-the-counter) products."