Pulmonx Delays IPO and Reels in $66M Financing

Pulmonx has raised $66 million in a financing round despite a lull in procedures and a turbulent economy caused by the negative impact of the novel coronavirus [COVID-19]. The commercial-stage medical device firm, which was on the list of 16 Promising Private Medtech Companies in 2019, developed the Zephyr Valve System, a minimally invasive treatment from patients suffering from emphysema. The financing round comes a little more than a month after Pulmonx delayed its $86 million IPO. “We were poised to take the company public,” Pulmonx CEO Glen French told MD+DI. “What was supposed to be the first day of our IPO roadshow the Vix Index hit … something like 83. It was a pretty inopportune time to do an IPO. Even though it is in some ways an unprecedented time, we were quite fortunate in a way that the financing came together.” Ally Bridge Group led the financing. Adage Capital Management, HealthQuest Capital, Partner Fund Management, and Rock Springs Capital, as well as existing investors. In addition, $17 million in growth capital was secured through CIBC Innovation Banking to refinance an existing debt facility. “We’ve been growing at a nice clip around the world, particularly in the U.S. where we have been commercial for less than two years,” French said. “We will use the money to continue to expand our commercial...
Source: MDDI - Category: Medical Devices Tags: Implants Business Source Type: news