Uptake Snags $1.2M in Equity
Luke Timmerman10/9/09
Seattle-based Uptake Medical has secured $1.2 million in a second closing of an equity financing, meaning it has raised a total of $4.6 million so far in a round that could be worth as much as $13.3 million if the company achieves certain milestones, says CEO King Nelson. The company is developing a minimally invasive technique for treating chronic lung diseases by using hot vapor to seal off damaged parts of lung so air doesn’t get trapped there. The company is starting larger trials to win clearance to start marketing its device in Europe.
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.
