Portfolio News
Spiration raises cash to fund emphysema clinical trials
TechFlash: John Cook's Venture Blog
John Cook
28 April 2010
Spiration, a Redmond medical device company working on treatments for emphysema, has secured $6.5 million in debt financing, according to a filing with the SEC. The company confirmed the amount, and noted in an email to TechFlash that the money would be used to continue funding clinical studies as well as sales of its IBV Valve System.
The company's technology is being developed for the treatment of severe emphysema, offering a minimally invasive procedure. It involves small catheters that are inserted into the lungs in order to improve breathing and redirect airflow to healthy tissues.
Prior to the current round, Spiration had raised about $98 million from a syndicate of investors including Three Arch Partners, New Enterprise Associates, Versant Ventures, Sprout Group, InterWest Partners, Investor Growth Capital, GE Capital and Saints Capital.
The company — led by CEO Richard Shea for the past 10 years — raised a $7 million convertible debt financing round last September from Olympus Medical Systems.
