Holaira, Formerly Innovative Pulmonary Solutions, Closes $10 Million Series C Financing
New Headquarters and New Name Accompany Financing Milestone
MINNEAPOLIS, MN, February 11, 2013-- Holaira, Inc., formerly Innovative Pulmonary Solutions, Inc. (IPS), a developer of medical devices to treat obstructive lung diseases, today announced the completion of its Series C private equity financing, totaling $10 million. All of Holaira's existing venture investors, Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures, participated in this round. Proceeds from this financing will be used to support the continued development of Holaira's minimally invasive products.
Holaira is working on a novel catheter-based system for a procedure called Targeted Lung Denervation, that has the potential to make breathing easier for patients with chronic obstructive pulmonary disease (COPD). Chronic Obstructive Pulmonary Disease (COPD) is one of the leading, yet under-recognized, causes of morbidity and mortality worldwide. It is characterized by a persistent airflow limitation that is progressive and interferes with normal breathing. Worldwide, more than 64 million people have COPD(1) with more than 13 million adults diagnosed in the US.(2)
"The completion of this financing signals continued confidence in the direction of our program to develop a system to enable a minimally invasive bronchoscopic treatment for COPD," said Dennis Wahr, M.D., president and chief executive officer of Holaira. "Our board of directors remains unchanged and I'm pleased that Mike Carusi of Advanced Technology Ventures, Mark Deem of The Foundry, Kirk Nielsen of Versant Ventures, Hank Plain of Morgenthaler Ventures, and Dave Stassen of Spilt Rock Partners will serve alongside me."
Concurrent with the financing milestone, Dr. Wahr announced the opening of the new corporate headquarters in Minneapolis, MN, under the new corporate name, Holaira.
"The relocation of the company, along with our new corporate identity, sets the stage for the next level of product development and our future clinical trials," continued Dr. Wahr.
About Holaira - Holaira, Inc. (formerly Innovative Pulmonary Solutions, Inc.) is a privately held lung denervation company developing minimally invasive products to make breathing easier for patients suffering from obstructive lung diseases. Founded in 2008, Holaira is currently working on a novel catheter-based system that has the potential to improve lung function, exercise capacity and quality of life for patients with chronic obstructive pulmonary disease.
(1) World Health Organization Fact Sheet No 315, November 2011
(2) American Lung Association, COPD Fact Sheet, February 2011
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