By Lisa Kerner
Erie, Pa., May 8 - Uptake Medical Corp. said it has closed $9 million in a series A equity financing.
Proceeds will be used to fund preclinical staffing and development of Uptake's proprietary Bronchoscopic Lung Volume Reduction technology.
New investor Prism Venture Partners led the round, joined by additional new investors GBS Venture Partners, Onset Ventures, Affinity Capital and WRF Capital, the venture investment arm of the Washington Research Foundation. Seed investor Arboretum Ventures also participated in the financing.
"Uptake Medical Corp. is dedicated to improving the lives of patients suffering from emphysema and chronic obstructive pulmonary disease," Prism Venture Partners general partner John Brooks said in a company news release.
"The company is developing a safe and effective lung volume reduction treatment aimed at measurably improving lung function and patient quality of life without the attendant risks and costs associated with surgery, endobronchial glues, valves and occluders."
Brooks and GBS Venture Partners managing director Geoff Brooke have joined Uptake's board of directors.
Located in Seattle, Uptake is a privately held, early stage medical device company.
| Issuer: | Uptake Medical Corp.
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| Issue: | Series A equity financing
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| Amount: | $9 million
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| Investors: | Prism Venture Partners (lead), GBS Venture Partners, Onset Ventures, Affinity Capital, WRF Capital, Arboretum Ventures
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| Announcement date: | May 8
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