PneumRx inflates its coffers with $11.9mm Series C round; up to $33mm

PneumRx Inc. (device to treat emphysema) has raised $11.9mm through its Series C round. Since the company filed its initial Form D, which stated it may bring in another $8.6mm before closing the financing, PneumRx has indicated it has up to $33mm in capital commitments. The oversubscribed round was co-led by Forbion Capital Partners, Endeavour Vision, and a strategic corporate partner. Current backers Adams Street Partners, Telegraph Hill Partners, Alta Partners, Spray Venture Partners, Silicon Valley Bank, and Leader Ventures also participated. PneumRx will use the proceeds to advance European sales of the RePneu lung volume reduction coil and to perform a pivotal US trial to support a PMA application. Concurrent with the financing, representatives from Forbion and Endeavour joined PneumRx’s board.