- Stryker has announced the acquisition of Arrinex for an undisclosed amount.
- Arrinex has developed cryoablation technology for the treatment of chronic rhinitis.
- SYK is adding Arrinex to its ENT group as it continues an acquisition strategy to fill in missing pieces throughout its various device segments.
Target Company
Menlo Park, California-based Arrinex was founded in 2016 to create medical device technology to treat conditions associated with rhinitis, an inflammation of the nasal and sinus passages.
Management is headed by Vahid Saadat, who has been with the firm since 2013 and was previously president and CEO of Voyage Medical.
The firm’s medical device is the ClariFix, a cryoablation device that cools down nasal nerves that create chronic conditions.
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Arrinex’ investors include 7 Gate Ventures and the firm raised at least $2.5 million in a Series A financing in 2016.
Market & Competition
According to a market research report by MRFR, the global allergic rhinitis market is expected to grow at a compound annual growth rate of 7% from 2019 to 2023.
The main drivers for this expected growth an increasing prevalence of hay fever and recent advances in treatment options for sufferers.
Date: March 11, 2019
Source: Seeking Alpha
