Hong Kong-based healthcare-focused investment group Ally Bridge Group (ABG) has led an over-subscribed $65 million financing for Pulmonx Corporation, a California-based company in diagnostic and therapeutic pulmonary device technologies, according to a statement.
Pulmonx is focused on developing life-changing technologies that improve the lives of patients suffering from Chronic Obstructive Pulmonary Disease (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.
California-based Pulmonx is the latest example of ABG’s focus on investing in cutting-edge technologies.
This investment follows a series of recent new or follow-on investments in Axonics, Vapotherm, OrthoPediatrics, Shockwave Medical, and Silk Road Medical.
With the investment, ABG partner and managing director of medtech investing, Charles Chon, joins Pulmonx’s board as a director.
“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, founded and led by Frank Yu (previously from Goldman Sachs and Och-Ziff Capital), is a global life science-focused investment firm.
The Hong-Kong based firm and its affiliates manage approximately $3 billion in life science assets in China, the US and Europe, across medtech to biopharma.
Last year, ABG led the $300-million Series C financing for GRAIL, a global pioneer in early cancer detection.