Medtech and pharmaceutical company Qnovia just completed a $17 Million Series A round led by Blue Ledge Capital. Other investors in this round include DG Ventures, Evolution VC Partners, Gaingels, TL Capital, and Vice Ventures.
Qnovia developed an innovative inhaler that could effectively operate in any position when used by a patient. The company is now looking for an application of this device in the NRT – nicotine replacement therapy – market.
The Richmond-based MedTech company that recently rebranded from its original name Respira Technologies, Inc. has also just appointed a new CEO, Brian Quigley. Quigley is an expert in this sector having spent sixteen years at Altria Group, the last seven leading the smokeless and innovative product development of the brand.
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The RespiRx is a portable handheld device and the company believes it could be a game changer in the treatment of nicotine addiction. According to Qnovia, RespirRx is able to deliver a nicotine hit quicker than any other device or alternative method.
Thanks to RespiRx users will be able to manage better their nicotine withdrawals and hopefully, this will help them quit smoking.
In order to bring RespiRx to the market, Qnovia will first be seeking FDA approval for their NRT treatment. Once that is achieved, the company will start phase one of the research study.
As reported by the American Cancer Society, NRT could be a very effective method to help people quit smoking. The only issue with NRT is that it could only replace the physical need for nicotine. To be able to quit smoking, psychological support might be needed as well.
It is a crucial moment for the NRT industry. According to a recent study, the market is expected to grow by 15% until 2028. There are other startups as well as major pharmaceutical companies that are working on other NRT treatments.
Considering that smoking causes every year almost 500,000 deaths just in the USA, looking for solutions to reduce smoking and nicotine addiction is critical. Will the RespiRx become an alternative to patches, gums, or nasal inhalers? The process to get to the market might be long but there is definitely a space in the market for this solution.
Editor’s Note: The opinions expressed here by Impakter.com columnists are their own, not those of Impakter.com
In the cover picture: A woman Smoking. Cover photo credit: Unsplash.