Pulmonx Raises $32 Million for Launch of Emphysema Products
Emerging Interventional Pulmonology Leader Commences Rollout of Breakthrough New Products
REDWOOD CITY, CA - February 22, 2010Pulmonx, an emerging
leader in interventional pulmonology, announced today that it has concluded
an agreement for a new round of equity financing from an investment
syndicate led by two new investors. The company also announced that it
plans to use this capital to support the international commercial launch of its
Zephyr® Endobronchial Valve (EBV), and its recently approved Chartis®
Pulmonary Assessment System. Both products are CE marked and cleared
for sale in Europe and other major international markets. The company
expects that this round of financing will fund the expansion of its
commercial operations through to positive cash flow and profitability.
This financing agreement includes a total of over $32M in equity capital and
was co-led by two new investors: the European venture capital firm
HealthCap, based in Stockholm, Sweden, and Kleiner Perkins Caufield &
Byers, based in Menlo Park, California. The company’s existing investors,
which include DeNovo Ventures, Latterell Venture Partners, MedVenture
Associates, Montreux Equity Partners, and POSCO BioVentures, also
participated in the financing. Dana Mead of KPCB and Staffan Lindstrand
of HealthCap will join the board of directors of Pulmonx.
“We are impressed by the Pulmonx technology and the management team.
We look forward to contributing our knowledge and experience in European
commercial execution, which will be an important part of Pulmonx’ business
strategy going forward” said Staffan Lindstrand, Partner with HealthCap.
“We are pleased to have these two top-tier global investors join us as we
embark on the commercial launch of our Chartis System and Zephyr valve
for the treatment of emphysema”, said Mike Baker, President and CEO of
Pulmonx.
In conjunction with this new round of funding, Pulmonx is making a
substantial investment in the European market, where interest in this new
therapy is growing rapidly. In December 2009, Pulmonx launched the
Chartis system in Europe, through a network of distribution partners in key countries, and now plans to invest significantly to grow direct and indirect sales, marketing, and clinical development activities throughout the EU. The company believes that building market leadership in Europe will position it to successfully commercialize its products in other key international markets.
Dr. Rodney Perkins, Founder and Chairman of Pulmonx commented, “This
funding will allow the Pulmonx team under Mike’s experienced leadership
to better support our physicians and extend this innovative therapy to the
millions of patients with this devastating disease.”
About Pulmonx
Pulmonx, based in Redwood City, CA, is focused on developing and
marketing minimally-invasive medical devices and technologies for the
diagnosis and treatment of pulmonary disorders. www.pulmonx.com
About the Products
The Pulmonx Chartis Pulmonary Assessment System provides
pulmonologists with lobe-specific information about a patient’s lung,
leading to more informed treatment decisions. The system’s first clinical
application is direct quantification of collateral flow, or intra-lobar airflow in
the lungs. The Pulmonx Zephyr valve has been successfully implanted in
over 1,500 patients worldwide and its safety and efficacy have been
documented in numerous peer reviewed publications. However, recent
research has demonstrated that collateral flow can limit the effectiveness of
endobronchial lung volume reduction (ELVR) therapy in some patients.
Thus, the combined solution of Chartis screening and Zephyr treatment
represents a potentially significant breakthrough in the treatment of latestage
emphysema. The early experience with this combined approach is
being heralded in the clinical community as a potentially significant advance
in the standard-of-care.
About Emphysema
Emphysema is a form of chronic obstructive pulmonary disease (COPD), a
major cause of disability and the fourth leading cause of death in the USA.
In 2007, the economic burden of COPD was $42.6 billion in healthcare costs
and lost productivity in the USA alone. COPD is expected to be the fourth
leading cause of death worldwide by 2030 due to increasing rates of
smoking and aging demographics in many countries.
Contact:
Mike Baker, President & CEO, Pulmonx
(650) 216-0120
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