Uptake Medical Nabs $3.4M

Luke Timmerman9/11/09

Uptake Medical, the Seattle-based developer of a minimally invasive device to treat chronic obstructive pulmonary disease, has raised $3.4 million out of a total equity offering worth $13.3 million, according to a regulatory filing. Uptake is developing a device that’s supposed to seal off access to diseased parts of the lung where air gets trapped, without leaving any implantable device behind. It is competing with Redmond, WA-based Spiration, among others. Uptake raised another $3.1 million in debt back in May, according to a regulatory filing.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.