SEATTLE, April 3 /PRNewswire/ -- Spiration Inc., a developer of medical devices for the treatment of lung disease, today announced it has raised $13.4 million in a series F round of equity funding. The investment was led by new investor Olympus Medical Systems Corporation, Tokyo, Japan, with significant support from returning investors Guidant Corporation, New Enterprise Associates, Sprout Group (currently New Leaf Venture Partners), Versant Ventures, Three Arch Partners, InterWest Partners and Investor Growth Capital.
"The strong interest and support shown by Olympus Medical Systems Corporation, the world's leader in providing bronchoscopy tools to pulmonologists, is a credit to our leadership in the pulmonary device market and the opportunity available to provide improved treatment options and a higher quality of life to COPD patients," said Richard Shea, president and chief executive officer of Spiration.
The financing will be used to fund clinical trials for the company's lead product, the IBV(TM) Intra-Bronchial Valve System, including a multi-center, randomized pivotal study in the U.S. and a multi-country study in Europe. Spiration, Inc. developed the IBV(TM) Valve System as a less invasive method than surgery for achieving improvement in both health status and functions supported by the lungs in subjects with severe emphysema. The IBV(TM) Valve System consists of a one-way valve and accessories for implanting the valve in the intended airway(s) leading to the diseased lung portions. The valve is loaded into a delivery catheter, which is then passed through the channel of a flexible bronchoscope to the intended implant location. The design of the IBV(TM) Valve System blocks inspired airflow, yet allows expiratory airflow and mucus to clear from the treated airways. The IBV(TM) Valve System is currently an investigational device in the U.S. and Canada. The device is CE marked for commercial distribution in Europe.
About Spiration Inc.
Spiration Inc. is developing innovative medical devices for the treatment of lung disease, including chronic obstructive pulmonary disease (COPD) and lung cancer which together claim nearly 275,000 lives in the United States each year, according to the American Lung Association and the American Cancer Society. Founded in 1999, the company is committed to enhancing the way lung disease is treated and providing a better quality of life for patients. Located in Redmond, Wash., Spiration Inc. is a privately held company with approximately 40 employees.
Spiration Inc.CONTACT: Rick Shea, CEO, rshea@spiration.com, or Greg Sessler, CFO,gsessler@spiration.com, both of Spiration Inc., +1-425-497-1700
Web site: http://www.spiration.com/
