Lungpacer Medical raises nearly $16M

Lungpacer Medical filed an SEC Form D earlier this week to confirm the sale of nearly $16 million in an equity financing.

Vancouver, Canada-based Lungpacer develops a diaphragm pacing therapy system (DPTS) to assist in weaning patients off mechanical ventilation who are determined by a healthcare provider to be at high risk of weaning failure.

The company sold just shy of $16 million in the equity financing which is seeking approximately $21.1 million, leaving about $5.1 million remaining to be sold in an offering expected to last more than one year following its first sale on Dec. 22, 2020.

Lungpacer’s offering, which is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer, has received investments from three participants so far.

The company listed its intended use of proceeds as “working capital and general corporate purposes” in the filing.

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