LimFlow recently announced it has closed a US$40 million (€36 million) oversubscribed Series D financing round.
A press release reports that new investors Longitude Capital, Soleus Capital Management, and an undisclosed strategic investor joined the round along with current major shareholders of the company: Sofinnova Partners, through its Crossover Strategy fund; Bpifrance, the French sovereign investment bank; and Balestier, a Singaporean family fund.
The LimFlow system, designated by the US Food and Drug Administration (FDA) as a Breakthrough technology, uses a minimally invasive family of transcatheter products designed to optimise perfusion of the critically ischaemic foot, potentially avoiding major amputation, resolving pain, and promoting wound healing. Proceeds from the Series D financing will fund follow-up for the PROMISE II US pivotal trial necessary to obtain FDA approval and will support the commercialisation of the LimFlow system for deep vein arterialisation, the press release details.
The company recently completed enrolment in PROMISE II, the US pivotal trial of the LimFlow system. It also completed enrolment in CLariTI, a natural history study of high-risk and no-option chronic limb-threatening ischaemia (CLTI) patients, intended to shed light on outcomes from patients treated with the current standard of care. Over the last year, the company also integrated the second-generation of its LimFlow system into its clinical programme and reported positive two-year data from its PROMISE I US feasibility study.
“We are thankful for the support of so many industry-leading investors, both new and existing, who recognise the potential of the LimFlow system to address a major clinical need in saving patients from amputation,” said LimFlow CEO Dan Rose. “We look forward to sharing results from our pivotal trial later this year, and to the prospect of being able to make the LimFlow system commercially available as early as next year to the patients in the USA and Europe who desperately need it.”
“We are truly impressed by the clinical results LimFlow has delivered for patients who have exhausted all other treatment options. We are excited about the technology’s potential to transform the way CLTI patients are treated, and in turn, transform the quality of their lives,” said Maxwell Bikoff, principal at Longitude Capital.
“The LimFlow management team has achieved key milestones and financing needed to successfully bring the LimFlow system to market. We are enthusiastic about continuing to work with the company to help make this game-changing technology accessible to patients in the near future,” said Kinam Hong, partner at Sofinnova Partners.