PneumRx Raises $33M
PneumRx, Inc., a Mountain View, California-based medical device company focused on the development and commercialization of innovative products to treat emphysema using minimally-invasive techniques, has raised $33m in capital.
The round was led by Forbion Capital Partners and co-led by Endeavour Vision, with participation from an undiscolsed prominent strategic corporate partner and existing investors Adams Street Partners, Telegraph Hill Partners, Alta Partners, and Spray Venture Partners, among others. Silicon Valley Bank and Leader Ventures also contributed to the capital raise.
The company intends to use the funds to support European sales of its PneumRx RePneu Lung Volume Reduction Coil (LVRC) System, which is a minimally invasive device designed to improve lung function in emphysema patients by bronchoscopically implanting Nitinol coils into the lungs to compress damaged tissue (lung volume reduction) and restore elastic recoil to the lung.
PneumRx recently established a subsidiary in Germany, PneumRx GmbH, and has begun selling its system in Europe.
The company also plans to begin a pivotal clinical trial to support a PMA application in early 2011 and submit its results to be able to sell the RePneu LVRC System in the United States.
In conjunction with the funding, Martien van Osch, Managing Partner at Forbion Capital Partners, and Daniel Bertholet, Investment Director at Endeavour Vision, will both join the company’s board of directors.