LimFlow, a developer of peripheral endovascular technology focused on the treatment of critical limb ischemia (CLI), has announced it has secured €27 million (US$33.5 million) in an oversubscribed Series C financing.
Proceeds from the Series C financing will fund the company’s major strategic initiatives through the second half of 2020, including completion of a US pivotal trial for the LimFlow Percutaneous Deep Vein Arterialization System (pDVA), which will be submitted to the FDA as part of the approval process, and execution of its international commercialisation strategy.
Based in Paris, LimFlow was founded in late 2012 by Martin Rothman, a world-renowned interventional cardiologist, and MD Start, a European Incubator dedicated to healthcare. The company’s proprietary and CE marked technology is a novel and purely percutaneous therapy for “no-option” CLI patients when all other revascularization efforts have been exhausted and a patient is facing a major amputation.
In the past 18 months, the company has achieved a number of key milestones, including CE mark and acceptance into the FDA Breakthrough Devices Program. Enrolment is also currently underway in both a US feasibility study of the LimFlow technology (PROMISE I) and an international post-market study (PROMISE International).
The Series C financing round was led by Sofinnova Partners, with continued participation from existing round B investors Bpifrance, the French sovereign investment bank, and Balestier, a Singaporean family fund. Gérard Hascöet, venture partner at Sofinnova Partners, and Kinam Hong, partner of the Sofinnova Crossover I Fund, will join the company’s board of directors. The investment is the first for the newly raised Sofinnova Crossover I Fund.
“We are gratified with the support we have received from Sofinnova Partners, a leading European venture capital firm and one of the most respected and specialised global Life Sciences investors. We are equally appreciative of the continued strong commitment from our existing investors. The new funds will enable us to continue our mission to save patients from amputation, and ultimately, save lives that might otherwise be lost,” said LimFlow CEO Dan Rose.
“LimFlow is an excellent fit for our healthcare Crossover I fund, where we seek investments in companies with game-changing technologies that address important clinical unmet needs and are led by experienced and passionate management teams,” said Hong.