Pulmonx Closes $65 Million Financing and Adds Chief Financial Officer

Financing to Expand the U.S. Launch and Global Commercialization of
the Zephyr Valve, a Less Invasive Treatment Option
for Severe
Emphysema/COPD

REDWOOD CITY, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/COPD?src=hash” target=”_blank”gt;#COPDlt;/agt;–Pulmonx Corporation, a global leader in diagnostic and therapeutic
pulmonary device technologies, announced today the closing of an
oversubscribed $65 million equity financing and the hiring of Derrick
Sung, Ph.D. as its Chief Financial Officer.

The financing was led by Ally Bridge Group, a leading global life
science-dedicated investment group, and included other new investors RTW
Investments, ArrowMark Partners, and Driehaus Capital Management, as
well as existing investors.

“We are grateful to have attracted substantial new investment from this
distinguished group of private and public healthcare investors,” said
Glen French, President and CEO.

“We are very pleased to welcome Charles Chon, Partner and Managing
Director of Ally Bridge Group’s medical technologies effort to the
Pulmonx Board of Directors,” said Rodney Perkins, MD, Chairman of the
Board.

“Pulmonx also welcomes Derrick Sung, Ph.D., as our new Chief Financial
Officer,” said Glen French. “In this new role Derrick will lead and
further strengthen the company’s outstanding finance team, and directly
contribute to strategic and operational imperatives. I very much look
forward to working with Derrick to realize the full potential of
Pulmonx.”

Derrick brings to Pulmonx over 20 years of finance, strategy, and
commercial experience across multiple facets of the medical device
industry. Prior to joining Pulmonx, Derrick was Executive Vice
President, Strategy & Corporate Development at iRhythm Technologies,
Inc. (NASDAQ: IRTC), where he set strategic and financial direction for
the company and helped guide iRhythm through a successful IPO. Prior to
iRhythm, Derrick spent seven years on Wall Street as the senior equity
research analyst covering the medical device sector for Sanford C.
Bernstein & Company. Previously, Derrick was Director of Marketing and
Business Development in Boston Scientific Corp.’s Neuromodulation
Division; a management consultant at the Boston Consulting Group; and he
started his career as an R&D engineer designing heart catheters for
Guidant Corporation, now a part of Abbott Vascular.

With the addition of Derrick Sung and the expansion of a broadly engaged
investor syndicate, Pulmonx continues to be well-positioned to lead the
emerging global field of interventional pulmonology.

More on the Zephyr Valves

Zephyr® Valve is a less invasive treatment option for severe
emphysema/COPD that has been shown to deliver life-changing benefits to
patients without the risk of major surgery. Clinical benefits include
improved quality of life, less shortness of breath, and the ability to
be more active.[1]

The Zephyr Valves are placed in a single bronchoscopic procedure with no
incision. The procedure carries much less risk than surgical options
including lung volume reduction surgery (LVRS) and lung transplantation.

During the procedure, an average of four Zephyr Valves are placed in the
airways to block off a diseased portion of the lung, which is thereby
reduced in size. Reducing hyperinflation and preventing air from getting
trapped in the diseased parts of the lung allows the healthier lung
tissue to expand and take in more air. This results in patients being
able to breathe easier and have less shortness of breath.[1]
Patients treated with the Zephyr Valves have reported immediate relief
and the ability to go back to doing everyday tasks with greater ease.

The Zephyr Valve was approved by the FDA through an expedited review
because, according to FDA, it “represents a breakthrough technology as
the device offers bronchoscopic lung volume reduction without surgery
and its associated risks. This device offers a significant, clinically
meaningful advantage over the current standard of care and therefore its
availability, is also in the best interest of patients.”[2]
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).

More about COPD and Emphysema

More than 15 million Americans suffer from COPD, and 3.5 million of
those patients have emphysema.[3]
Despite taking the best available medications, over one million
emphysema patients suffer symptoms of hyperinflation, where air becomes
trapped in the lungs and prevents fresh air from entering the lungs,
thereby causing severe shortness of breath. Breathing becomes
inefficient and patients must work very hard just to breathe – making
normal activities, like walking, eating, or even bathing difficult.
There are few treatment options for most patients with emphysema and
there is no cure. Until now, the only other options for these patients
were highly invasive treatments such as lung volume reduction surgery or
lung transplantation.

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.

[1]
Am J Respir Crit Care Med Vol 198, Iss 9, pp 1151–1164, Nov 1, 2018
[2]
PMA P180002: FDA Summary of Safety and Effectiveness Data. June 29,
2018. https://www.accessdata.fda.gov/cdrh_docs/pdf18/P180002B.pdf.
[3]
American Lung Association. Trends in COPD (Chronic Bronchitis and
Emphysema): Morbidity and Mortality. March 2013.

Contacts

Media Contact:
Meghan Oreste, 617-823-1441
megoreste@gmail.com

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