Andera Partners Leads $67 Million Series A Financing in Spiro Medical to Develop a Neuromodulation System for Asthma

 PRESS RELEASE

Andera Partners Leads $67 Million Series A Financing in Spiro Medical to Develop a Neuromodulation System for Asthma

Paris, France, and Irvine, CA, U.S., January 7, 2026 – Andera Partners, a leading European private equity player, today announced that it is leading a $67 million Series A equity financing round in Spiro Medical, Inc., a newly formed company established to develop a first-of-its-kind Pulmonary Neuromodulation (PNM) System for the treatment of asthma.

The financing included a syndicate of venture investors led by Andera Partners (Paris), Omega Funds (Geneva) and Sherpa Healthcare Partners (Cayman Islands) and joined by HSG (Hong Kong), Supernova Invest (Paris), Northern Light Venture Capital (Menlo Park, CA) and Hero Inc. Ltd UK which is part of the India-based conglomerate Hero Enterprise.

Proceeds from the financing will be used to develop a purpose-built PNM system and to execute on the clinical work required for regulatory approval in the United States.

"I am delighted to welcome world-class venture capital investors who understand the immense potential of this PNM technology. Once this novel approach comes to market, it promises to have a profound impact on patients suffering from asthma and other breathing related conditions," said Raymond W. Cohen, chairman of the board of directors.

Spiro Medical also welcomed Raphaël Wisniewski of Andera, Claudio Nessi of Omega and Ouyang Xiangyu of Sherpa to its board of directors.

Rinda Sama, CEO of Spiro Medical, said, "We are grateful to our co-founder Stephen Pyles, M.D., for his foresight and look forward to his future contributions. We believe this is a rather unique opportunity to be starting a project with issued patents and some human data which informs us about the potential for this exciting new clinical indication for neuromodulation. We are also highly confident that we can build a world-class system given our team’s experience and expertise in developing implantable neuromodulation systems.”

“Spiro Medical represents a compelling opportunity to build a first-in-class neuromodulation system for asthma. The early clinical insights, combined with a highly experienced team from Vessix and Axonics - whom we have successfully backed since 2011- give us strong conviction in the company’s ability to translate this innovation into both clinical and commercial success,” commented Raphaël Wisniewski, Partner at Andera Partners.

ABOUT ASTHMA

Asthma is a common chronic lung disease, affecting over 28 million Americans and over 300 million people worldwide. Many clinical symptoms of asthma are related to the nervous system and can be at least partially attributed to altered activation or regulation of airway nerves. Associated symptoms such as wheezing, shortness of breath, chest tightness and coughing, etc., are mediated in part, by targeting these neural reflex pathways.

ABOUT SPIRO MEDICAL

Spiro Medical, based in Irvine, CA is a new company founded by Stephen Pyles, M.D., Kurt Gehlsen, M.D., Ph.D., Rinda Sama and G. Jay Jiang, Ph.D. with the purpose of developing a purpose-built Pulmonary Neuromodulation System to treat patients suffering from severe asthma.

ABOUT ANDERA PARTNERS

Created almost 25 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over €5.1 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra).

Andera Partners’ mission is to work alongside companies and their managers to support them in achieving strong and sustainable growth. The quality of performance offered to our investors relies on a strong partnership between the entrepreneurs in our portfolio companies and our teams, based on shared values. Performance through collective engagement, the “Power of And”, constitutes Andera Partners’ DNA.

Based in Paris, with offices in Antwerp, Madrid, Milan and Munich, Andera Partners counts 130 professionals, of which 82 investment professionals.

For further information please visit: www.anderapartners.com

MEDIA CONTACTS

• Nicolas DELSERT, Andera Partners: +33 6 22 67 71 17, n.delsert@anderapartners.com
• Paul SEBE, Bien Commun Advisory: +33 7 81 04 94 92, p.sebe@bcadvisory.fr
• Dr. Cora KAISER, Dr. Johanna KOBLER, MC Services: +49 89 210 228 0, andera@mc-services.eu