PARIS–(BUSINESS WIRE)–LimFlow SA, a pioneer in the development of minimally-invasive technology for the treatment of chronic limb-threatening ischemia (CLTI), a severe form of peripheral artery disease (PAD), today announced it has closed a $40 million (€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 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.