Inova Labs Closes on $17.5M Series B FinancingBy Inova Labs, PRNE
Monday, November 7, 2011
AUSTIN, Texas, November 8, 2011 -
Inova Labs, a privately held medical device company focused on developing innovative products for the Chronic Obstructive Pulmonary Disease (COPD) market, announced today that it has secured a Series B round of equity financing for up to $17.5M from an investment syndicate led by Latterell Venture Partners, based in San Francisco, Calif. The company plans to use the capital to expand its commercial launch of the LifeChoice® Portable Oxygen Concentrator System and to bring its next generation devices to market.
The financing agreement included participation from existing investors, 3 Arch Partners, based in Portola Valley, Calif., and a new investment from Gilde Healthcare Partners, based in Utrecht, Netherlands and Cambridge, Mass. Steve Salmon of Latterell Venture Partners and Geoff Pardo of Gilde Healthcare Partners will join the board of directors at Inova Labs.
“We are impressed by the LifeChoice® technology and by the management team Inova has put together,” Steve Salmon, partner with Latterell Venture Partners, said. ”The LifeChoice® technology allows patients to continue to live their daily lives with minimal disruption despite the advanced stage of their COPD.”
“We are pleased to have Steve Salmon and Geoff Pardo join our team,” John Rush, CEO of Inova Labs, said. ”The collective expertise within the Latterell and the Gilde teams will prove to be invaluable as we commercialize the LifeChoice® technology in major global markets.”
About Inova Labs
Inova Labs is an Austin, Texas-based medical device company that develops and commercializes innovative products for the COPD market. The company is currently marketing the LifeChoice® Portable Oxygen Concentrator System, which is the lightest and smallest oxygen concentrator on the market with FDA approval for continuous use by patients. LifeChoice® delivers oxygen to the COPD patient using a proprietary “Pulse Wave” technology, which insures that the patient receives maximum benefit from the oxygen produced. LifeChoice® also offers “Auto Mode” technology which enables the patient to automatically receive the prescribed oxygen dose during periods of activity as well as sleep. The product is approved by the FAA for air travel and is manufactured under strict ISO certification guidelines.
For further information Contact: John Rush, President and CEO Tel: +1-512-617-1667
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