US-based emphysema treatment system developer Pulmonx, which counts medical device maker Boston Scientific and steelmaker Posco as investors, filed on Friday to raise up to $86.3m in an initial public offering.
Pulmonx is working on a minimally invasive system that will treat patients suffering from severe emphysema, a form of chronic obstructive pulmonary disease affecting the lungs, by combining lung and pulmonary analysis technology with an endobronchial valve.
The IPO proceeds will fund an expansion in sales and marketing activities to support sales of the company’s Zephyr Valves across the United States, Europe and the Asia Pacific regions, in addition to research and development.
The offering comes after Pulmonx agreed $66m from Ally Bridge, Adage Capital Management, HealthQuest Capital, Partner Fund Management, Rock Springs Capital, from CIBC Innovation Banking and undisclosed existing investors in May this year.
The IPO filing states that the May round consisted of $33m in convertible promissory notes in addition to the option to draw down another $33m.
Boston Scientific invested $27m to lead a $65.1m round for the company in May 2019 that included Ally Bridge, RTW Investments, ArrowMark Partners, Driehaus Capital Management, LVP and Montreux Growth Partners, according to the IPO filing.
Pulmonx sold $20m in stock to Boston Scientific in 2016 and a further $10m the following year, according to the filing. It had secured $20m in debt financing from Oxford Finance in 2014 and $10m in equity funding two years earlier.
HealthCap and Kleiner Perkins Caufield & Byers (KPCB) co-led Pulmonx’s $32m series C round in 2010, investing with Posco fund Posco Bioventures, Montreux Equity Partners, De Novo Ventures, Latterell Venture Partners and MedVenture Associates.
The 2010 round came after $28m in equity funding from investors including Montreux, De Novo Ventures, Latterell Venture Partners, MedVenture Associates and Medivate across 2007 and 2008, and $7m in debt financing in 2008.
Boston Scientific owns 30.8% of Pulmonx’s shares. Its other notable investors are KPCB successor Kleiner Perkins (7.7%), LVP (7.3%), Montreux (7.2%), De Novo Ventures (6.2%), Ally Bridge and HealthCap (5.7% each).
BofA Securities, Morgan Stanley, Stifel Nicolaus, Wells Fargo Securities and Canaccord Genuity are underwriters for the IPO, which will take place on the Nasdaq Global Market. The company had previously filed in February this year to go public but pulled back in May.
Image courtesy of Pulmonx Corporation.
