PneumRx Raises $33M

1/4/11

PneumRx, a Mountain View, CA-based maker of a medical device that restores elastic recoil in the damaged lung tissue of patients with emphysema, said today that it has raised $33 million in working capital from European venture firms Forbion Capital Partners and Endeavour Vision. The round was also joined by existing investors Adams Street Partners, Alta Partners, Leader Ventures, Silicon Valley Bank, Spray Venture Partners, and Telegraph Hill Partners, as well as an unnamed strategic corporate partner. The company said it plans to use the funds to commercialize the device in Europe and to conduct a pivotal clinical trial to gather data for FDA approval.

Wade Roush is Chief Correspondent and Editor At Large at Xconomy. You can subscribe to his Google Group or e-mail him at wroush@xconomy.com. Follow @

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