Uptake Medical Announces Successful Completion of Series C Financing
TUSTIN, Calif., Jan. 9, 2012 /PRNewswire/ — Uptake Medical® today announced that it has closed on a Series C funding round. The round was led by Singapore-based Crescent Point Group, with existing investors, Maverick Capital, ONSET Ventures, GBS Venture Partners, WRF Capital, Arboretum Ventures and Affinity Capital, making additional investments. Sami Sindi, Crescent Point managing partner, will join the Uptake Medical board of directors. Moelis & Company acted as financial advisor to the company in connection with the funding.
R. King Nelson, president and chief executive officer of Uptake Medical, commented, “Finalizing this very successful round of financing represents another positive step for Uptake Medical. We are thrilled with the addition of Crescent Point to our board and we are equally pleased that our current investors remain committed to Uptake Medical as we continue the commercialization of InterVapor.”
The Series C financing has occurred at the end of an eventful year for Uptake Medical. The company received CE mark approval for its first product, InterVapor(TM), in September, completed the first commercial use of InterVapor in Germany in November, and recently announced TGA approval for InterVapor to be marketed in Australia. InterVapor is the first non-surgical, endoscopic lung volume reduction system for the treatment of severe emphysema that uses the body’s natural healing processes without leaving implants or foreign materials in the lung.
“Uptake Medical’s technology offers a new opportunity to address the needs of millions of patients around the world with severe emphysema,” commented Crescent Point’s Sami Sindi. “I look forward to working with the Uptake Medical team in successfully furthering their commercial initiatives.”
Scott Huennekens, president and chief executive officer of Volcano Corporation and Uptake Medical board member, added, “Uptake Medical has a strong leadership team, solid clinical data and is now executing on its commercial strategies. The company is well positioned to establish InterVapor as the standard of care for lung volume reduction.”
The global incidence of Chronic Obstructive Pulmonary Disease (COPD), which includes emphysema, is on the rise and will become the third leading cause of death by 2030. In the U.S., where nearly 5 million people are diagnosed with emphysema, it already holds this position with one person dying every four minutes from COPD. Debilitating and costly, nearly $50 billion was spent addressing the direct and indirect costs associated with COPD in the U.S. in 2010.
About Uptake Medical
Uptake Medical® is focused on the development and commercialization of innovative, non-surgical treatments for lung diseases. InterVapor(TM) is the first and only approach to endoscopic lung volume reduction for people with severe emphysema that uses the body’s natural healing process without leaving any implants or foreign materials in the lung. In clinical studies, InterVapor has demonstrated clinically meaningful improvements in breathing function, exercise capacity and quality of life. With headquarters in Tustin, Calif., Uptake Medical received the CE mark and TGA approval to commercialize InterVapor. More information can be found at www.uptakemedical.com.
Uptake Medical and InterVapor are registered trademarks and trademarks of Uptake Medical.
SOURCE Uptake Medical