Spiration lands funding to continue emphysema trials |
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Spiration lands funding to continue emphysema trials
Spiration has landed $7 million in convertible debt financing, money that the Redmond medical device maker will use to complete clinical studies for its new emphysema treatment. The money -- part of a $10 million round -- was provided by existing shareholder Olympus Medical Systems Corp., said Chief Operating Officer Gregory Sessler.
Olympus has secured exclusive distribution rights to Spiration's IBV Valve System in Europe and also has an agreement to develop the product for Japan. As you can see in this video, the IBV system includes small catheters that are inserted into the lungs in order to improve breathing and redirect airflow to healthy tissues.
Founded in 1999 and holding more than two dozen patents, Spiration has raised plenty of cash over the years.
To date, it has raised $98 million from a syndicate of investors that includes Three Arch Partners, New Enterprise Associates, Versant Ventures, Sprout Group, InterWest Partners, Investor Growth Capital, GE Capital and Saints Capital.
And the company is moving closer to commercialization of its lead product. In July, Spiration announced that a number of leading medical centers -- including the University of Washington, University of Chicago and University of California, San Diego -- had begun accepting patients into emphysema trials with the device.
The new debt funding is part of a $10 million round.
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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