PneumRx Inc. Raises $27 Million Round of Private Financing
Published: Mar 06, 2007
MOUNTAIN VIEW, Calif., March 5 /PRNewswire/ -- PneumRx, Inc., a medical device company founded in 2004 to bring innovation and improvements to the diagnosis and treatment of lung cancer and Chronic Obstructive Pulmonary Disease (COPD, or emphysema), today announced the closing of a $27 million private placement of its Series B preferred stock. Adams Street Partners and Telegraph Hill Partners led the round, which also included Sage Venture Partners and Affiliates. They were joined by all of the existing investors, including Alta Partners, KBL Healthcare Ventures, and Spray Venture Partners.
PneumRx expects to use the Series B funds to complete clinical trials and prepare for commercialization of two major medical devices. PneumRx's PneuSeal(TM) product, a proprietary, highly adhesive sealant, is currently undergoing clinical trials in Germany to assess its safety and effectiveness for reducing pneumothorax complications in lung biopsy. On the COPD front, PneumRx has developed a unique Minimally Invasive Lung Volume Reduction Device that has demonstrated quantitative improvements in lung function and is expected to address a broader spectrum of emphysema patients. The device has shown an impressive ability to restore recoil in compromised lung. PneumRx plans to commence clinical trials on the Lung Volume Reduction Device later this year.
"We are thrilled to have completed our Series B round and look forward to working more closely with Adams Street Partners and Telegraph Hill Partners as their representatives join our board," said Erin McGurk, President and CEO of PneumRx, Inc. "We are extremely proud of the ambitious milestones we achieved with our Series A funding and are poised to use our latest investment round to build a self-sustaining company that addresses the tremendous pulmonary market opportunity."
About PneumRx, Inc.
Incorporated in 2004, PneumRx, Inc. is a rapidly growing medical device company focused on the development and commercialization of innovative products to diagnose and treat lung cancer and Chronic Obstructive Pulmonary Disease using minimally-invasive techniques.PneumRx, Inc.
CONTACT: Kara Andersen of PneumRx, Inc., +1-650-625-8910, ext. 105
Web site: http://www.pneumrx.com//