Hong Kong-based life science investment firm Ally Bridge Group last Wednesday announced that it has led an over-subscribed US$65 million funding round in Pulmonx Corporation, a company that specializes in diagnostic and therapeutic pulmonary device technologies.
"ABG is excited to support Pulmonx for its commercialization effort in the U.S. and further revenue growth globally," said Frank Yu, founder, CEO and CIO of Ally Bridge Group, who attributed the reason of the investment to Pulmonx’s "leading position and best-in-class team in interventional pulmonology."
"Ally Bridge Group, in addition to its strong biotech effort, is actively involved in what we see as a renaissance of the US medtech sector where more and more truly innovative technologies are proven to effectively address significant unmet medical needs, achieve commercially success, and, in turn, rewarded by the capital and M&A (mergers and acquisitions) markets," said Yu.
Charles Chon, ABG’s partner and managing director of medtech investing, joined Pulmonx’s board as a director.
Pulmonx, founded in 1998, primarily develops technologies that can help improve the lives of patients suffering from the chronic obstructive pulmonary disease (COPD). The company’s key product, Zephyr Valve, is a minimally-invasive device for treating patients with severe emphysema, a progressive and life-threatening form of COPD. The company said over 15,000 patients have been treated with the Zephyr Valve worldwide.
"The completion of this financing enables Pulmonx to accelerate our commercial efforts to deliver our technology to the more than one million patients around the world with severe emphysema," said Glen French, president and chief executive officer of Pulmonx.
ABG’s investment in Pulmonx follows a series of recent new or follow-on investments in California-based medical device Axonics, New Hampshire-based Vapotherm, American bio-science company OrthoPediatrics, and Shockwave Medical, a medical device company focused on treating cardiovascular disease, all of which are at the commercial stage in their respective therapeutic areas.
ABG, founded and led by former Goldman Sachs executive Frank Yu, is a global life science-focused investment firm. ABG and its affiliates manage about US$3 billion in life science assets in China, the U.S., and Europe, from medtech to biopharmaceuticals.