Nuvaira, a Minneapolis, Minn.-based developer of novel therapeutic medical devices to treat obstructive lung diseases, closed a $79m equity financing.
The round was led by U.S. Venture Partners, with participation from Endeavour Vision, Qiming Venture Partners, Lightstone Ventures and Richard King Mellon Foundation and existing investors Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Venture Holdings, and Windham Venture Partners.
The company intends to use the funds to support the pivotal AIRFLOW-3 clinical trial for FDA approval and to implement a targeted clinical development strategy in key European markets.
Led by Dennis Wahr, M.D., Chief Executive Officer, Nuvaira provides the lung denervation system that addresses airway hyper-responsiveness, a pathophysiologic underpinning of both COPD and asthma in a procedure called Targeted Lung Denervation (TLD). Its proprietary technology has demonstrated safety and feasibility in three clinical studies: IPS-I/II, AIRFLOW-1, and, most recently, the AIRFLOW-2 sham controlled randomized clinical trial, which was presented at the European Respiratory Society conference in September 2018.
The Nuvaira Lung Denervation System is CE Mark approved, and is under clinical investigation and is not commercially available in the USA. Nuvaira and dNerva are registered trademarks of Nuvaira, Inc.
The company also announced that Lisa Rogan has joined its executive team as senior vice president of market development, bringing with her over 20 years of medical device industry expertise in commercializing disruptive diagnostic and therapeutic technologies, including ten years of experience with interventional pulmonary devices targeting treatment of severe COPD.