LimFlow Raises €36 Million in Series D Financing
LimFlow SA has closed a €36 million oversubscribed Series D financing round. New investors Longitude Capital, Soleus Capital Management and an undisclosed strategic investor joined the round along with current major shareholders of the company: Sofinnova Partners, through its Crossover Strategy fund; Bpifrance, the French sovereign investment bank; and Balestier, a Singaporean family fund.
The LimFlow System, designated by the FDA as a Breakthrough Technology, uses a minimally-invasive family of transcatheter products designed to optimize perfusion of the critically ischemic foot, potentially avoiding major amputation, resolving pain and promoting wound healing. Proceeds from the Series D financing will fund follow-up for the PROMISE II U.S. pivotal trial necessary to obtain FDA approval and will support the commercialization of the LimFlow System for deep vein arterialization.
The company recently completed enrollment in PROMISE II, the U.S. pivotal trial of the LimFlow System. It also completed enrollment in CLariTI, a natural history study of high-risk and no-option chronic limb-threatening ischemia (CLTI) patients, intended to shed light on outcomes from patients treated with the current standard of care. Over the last year, the company also integrated the second-generation of its LimFlow System into its clinical program, and reported positive two-year data from its PROMISE I U.S. feasibility study.
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. 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.
Dan Rose, CEO, LimFlow
“We are truly impressed by the clinical results LimFlow has delivered for patients who have exhausted all other treatment options. We are excited about the technology’s potential to transform the way CLTI patients are treated, and in turn, transform the quality of their lives,” said Maxwell Bikoff, Principal at Longitude Capital.
“The LimFlow management team has achieved key milestones and financing needed to successfully bring the LimFlow System to market. We are enthusiastic about continuing to work with the company to help make this game-changing technology accessible to patients in the near future,” said Kinam Hong, MD, Partner at Sofinnova Partners.
About Chronic Limb-Threatening Ischemia (CLTI)
CLTI is the most severe form of PAD and often occurs in patients suffering from coronary artery disease, diabetes, obesity, high cholesterol and/or high blood pressure. Patients with CLTI often experience profound, chronic pain and develop festering wounds or infections that lead to major limb amputation, an event closely associated with increased mortality and reduced quality of life. To relieve the symptoms of CLTI, patients today are treated primarily with angioplasty or open bypass surgery. In many late-stage patients, however, neither option is feasible due to extensive disease in the target arteries or other anatomical constraints.
