PneumRx

In 2004, a medical device company, PneumRx, was founded in Mountain View, California, by Erin McGurk and Mark Mathis. Their goal was to develop minimally invasive treatments for patients suffering from emphysema, a severe lung condition. The company focused on creating an innovative solution to improve the quality of life for those with limited treatment options. The company's key innovation was the RePneu Coil, a small, shape-memory nitinol implant. Delivered via a bronchoscope, the coil was designed to compress diseased lung tissue, helping to restore the lung's natural elasticity and re-tension the airway network. This minimally invasive procedure aimed to improve breathing and allow patients to be more active. PneumRx secured a series of funding rounds, including a Series A in 2005 for $10.7 million, a Series B in 2007 for $27 million, and a Series C in 2010 for $11.9 million, which fueled its research and development. The RePneu Coil received a CE Mark in Europe, allowing for its commercial use there since 2008. A major turning point for PneumRx came in December 2014 when it was acquired by the British specialist healthcare company BTG plc. The deal was valued at up to $475 million, with an initial payment of $230 million and a potential for an additional $245 million based on performance milestones. This acquisition provided PneumRx with the resources to pursue U.S. market approval and expand its global reach, marking a significant validation of its technology and a major success for its founders and investors.