LimFlow announced today that it closed an oversubscribed Series D financing round worth $40 million (€36 million).
Paris-based LimFlow developed the LimFlow system for minimally invasive treatment of chronic limb-threatening ischemia (CLTI), a severe form of peripheral artery disease (PAD). The system uses a family of transcatheter products designed to optimize the perfusion of the critically ischemic foot to potentially avoid major amputation, resolve pain and promote wound healing.
According to a news release, the financing will be used for follow-up for the Promise II U.S. pivotal trial necessary for garnering FDA approval. LimFlow completed enrollment in the FDA investigational device exemption (IDE) trial last month. Proceeds will also support the commercialization of the system for deep vein arterialization.
New investors Longitude Capital, Soleus Capital Management and an undisclosed strategic investor joined the round. Existing major shareholders Sofinnova Partners, Bpifrance, the French sovereign investment bank and Balestier also participated.
“We are thankful for the support of so many industry-leading investors, both new and existing, who recognize the potential of the LimFlow System to address a major clinical need in saving patients from amputation,” LimFlow CEO Dan Rose said in the release. “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 U.S. and Europe who desperately need it.”