US-based lung-focused medical device producer Broncus Medical closed a $15m series A round yesterday provided by minimally invasive robotic-assisted surgery technology developer Intuitive Surgical.
The $15m forms part of a deal that also includes a collaboration agreement for technology development and Intuitive Surgical’s licensing of Broncus’ intellectual property.
Broncus Medical, founded in 1997 as Broncus Technologies, focuses on medical devices for lung diseases. The company filed for an $86m initial public offering in 2007 before pulling plans the following year and rebranding to Broncus Medical in 2012.
Broncus’ shareholders included HBM BioVentures, Abingworth Management, Menlo Ventures, Boston Scientific, SightLine Partners at the time of its initial public offering filing.
The series A round will be used for continued product development and to support clinical trials.
Michael Zhao, chairman of Broncus Holding, said: “We are delighted to build a relationship with an industry leader like Intuitive, that shares our vision of bringing greater visibility and precision to lung cancer diagnosis and treatment, in order to benefit patients.”