Andera Partners leads financing for asthma treatment company Spiro Medical
Esme Needham | January 5, 2026 | News story | Sales and Marketing | Andera Partners, Asthma & COPD, Spiro Medical
Andera Partners, a private equity firm, has announced its leadership of a $67m series A financing round in Spiro Medical, a company developing a Pulmonary Neuromodulation (PNM) system to treat asthma.
Asthma is a chronic lung disease that affects more than 28 million people in the US and more than 300 million people globally. It is characterised by symptoms including wheezing, coughing, chest tightness and shortness of breath; many of these symptoms are associated with altered activation or regulation of airway nerves in the central nervous system (CNS). Addressing these neural reflex pathways can provide relief from symptoms.
Spiro is a newly-founded company aiming to create a purpose-built PNM system for the treatment of patients with severe asthma. It was founded by Stephen Pyles, Kurt Gehlsen, Rinda Sama and G Jay Jiang.
The financing will contribute not only towards the development of a PNM system, but also towards the clinical work needed for future US regulatory approvals.
Raymond W Cohen, chair of Spiro’s board of directors, said of the PNM system: “Once this novel approach comes to market, it promises to have a profound impact on patients suffering from asthma and other breathing related conditions.”
“Spiro represents a compelling opportunity to build a first-in-class neuromodulation system for asthma,” Raphaël Wisniewski, partner at Andera, said. “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.”
Venture investors involved in financing Spiro included Andera, Omega Funds, Sherpa Healthcare Partners, HongShan Capital Group (HSG), Supernova Invest, Northern Light Venture Capital and Hero.
Founded in 2001, Andera is based in Paris and has offices across Europe.
