Portfolio Press Release
Spiration Successfully Closes $26.9 Million Series E Financing
Investment to Prepare for Market Launch of Medical Devices for Pulmonary Care
Seattle, WA - January 6, 2004 — Spiration Inc., a developer of medical devices for the treatment of lung disease, today announced it has raised $26.9 million in a series E round of funding. The investment was co-led by new investors InterWest Partners and Investor Growth Capital with significant support from returning investors Three Arch Partners, New Enterprise Associates, Versant Ventures, Sprout Group and Guidant Corporation.
"The continued interest and support we've received from the venture capital community is a credit to our leadership in the pulmonary device market, and the opportunity available to provide improved treatment options and a higher quality of life to many lung disease patients," said Richard Shea, president and chief executive officer of Spiration.
The investment follows a June 2002 Series D investment, which totaled $22 million and was led by Sprout Group. The current round of financing will be used to prepare for the launch of the VALR(TM) Surgical System and will fund clinical trials for the company's second product, the Intra-Bronchial Valve (IBV(TM)).
In early pre-clinical work, the company's flagship thoracic and intra- bronchial products have demonstrated high potential for treating emphysema. VALR Surgical System, a medical device designed for use in lung volume reduction surgery (LVRS), is currently being studied clinically in patients with emphysema for its ability to capture and seal the delicate lung tissue prior to resection. The IBV, a minimally invasive device placed via a standard bronchoscopic procedure in the bronchial tree to achieve volume reduction in parts of the lungs, will follow, providing additional treatment options for patients with emphysema.
About Spiration Inc.
Spiration Inc. designs, manufactures and markets innovative medical devices for the treatment of lung disease, including lung cancer and chronic obstructive pulmonary disease (COPD), which together claim nearly 275,000 lives in the United States each year, according to the American Lung Association and the American Cancer Society. Founded in 1999, the company is committed to enhancing the way lung disease is treated and providing a better quality of life for patients. Located in Redmond, Wash., Spiration Inc. is a privately held company with approximately 60 employees.
For further information, please contact:
FischerHealth, +1-310-577-7870
Jeff Speer, ext. 156
jspeer@fischerhealth.com
Jessica Volchok, ext. 140
jvolchok@fischerhealth.com
both of FischerHealth
+1-310-577-7870, for Spiration Inc.