HONG KONG, May 9, 2019 /PRNewswire/ -- Ally Bridge Group ("ABG"), a leading global life science investment group, announced today that it led an over-subscribed $65 million financing of Pulmonx Corporation, a global leader in diagnostic and therapeutic pulmonary device technologies with its key product approved and marketed in the US, Europe, Australia, and Asia, including China.
Pulmonx is focused on developing life-changing technologies that improve the lives of patients suffering from COPD. The company's key product, Zephyr Valve, is the first minimally-invasive device approved by the US FDA for treating patients with severe emphysema, a progressive and life-threatening form of COPD. Since 2007 more than 15,000 patients have been treated with the Zephyr Valve worldwide. The Zephyr Valve treatment is included in emphysema treatment guidelines issued by leading health organizations worldwide, including the Global Initiative for Chronic Obstructive Lung Disease (GOLD) and the UK's National Institute for Health and Care Excellence (NICE).
"ABG is excited to support Pulmonx for its commercialization effort in the US and further revenue growth globally. We are impressed by the company's leading position and best-in-class team in interventional pulmonology globally," said Frank Yu, Founder, CEO and CIO of Ally Bridge Group. Charles Chon, ABG's Partner and Managing Director of medtech investing, joins Pulmonx's board as a director.
"We are excited to partner with ABG, which has a strong track record of investing in successful medtech companies. 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.
Pulmonx is the latest example of ABG's focus on investing in cutting-edge technologies run by best-in-class management teams. ABG's investment in Pulmonx follows a series of recent new or follow-on investments in Axonics (NASDAQ: AXNX), Vapotherm (NASDAQ: VAPO), OrthoPediatrics (NASDAQ: KIDS), Shockwave Medical (NASDAQ: SWAV), and Silk Road Medical (NASDAQ: SILK), each of which is the commercial-stage leading innovator in its respective therapeutic area.
"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 markets. Our strong commitment to medtech investing across the private and public markets, our M&A knowhow and cross-border value-add differentiate ABG as a leading medtech investor," said Frank Yu.
About Ally Bridge Group
Ally Bridge Group ("ABG"), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital), is a global life science-focused investment firm. ABG and its affiliates manage approximately US$3 billion in life science assets in China, the U.S., and Europe, from medtech to biopharmaceuticals. ABG focuses on investing in some of the world's most innovative medicines and leading high-impact transactions. In 2015, ABG initiated, led and completed the landmark US$3.3 billion NYSE take-private of Wuxi Pharmatech. In 2018, ABG led the US$300 million Series C financing for GRAIL, a global pioneer in early cancer detection. ABG has expertise in cementing strategic partnerships between emerging life science companies and industry leaders, and across different geographies, particularly between the U.S., China and Europe. For more information, please visit www.ally-bridge.com.
About Pulmonx Corporation
Based in Redwood City, California, and Neuchâtel, Switzerland, Pulmonx is the world leader in interventional pulmonology diagnostics, planning tools, and treatments for obstructive lung disease. For more information, visit www.MyLungsMyLife.com.
SOURCE Ally Bridge Group