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| Vapotherm's Heliox high flow therapy system--Courtesy of Vapotherm |
Vapotherm, a maker of respiratory therapy devices, disclosed this week it finalized a $24 million round of funding from a consortium of 8 investors and expanded its board.
In conjunction with the deal, which closed March 21, Geoff Pardo, general partner of Glide Healthcare Partners, was named to the Vapotherm board of directors. In addition to Glide, the investor group includes Adage Capital Management, L.P., 3x5 Special Opportunity Fund, Morgenthaler Ventures, Kaiser Permanente, Integral Capital Partners, QuestMark Partners and Cross Creek Capital.
Glide and Adage are new investors to Vapotherm, which did a $29 million round of financing in April 2013 for expansion when the company shifted its headquarters from Maryland to Exeter, NH, to tap into the talent pool of New England's med tech industry.
The company, which refers to its signature platform as "patented membrane transfer technology," continues to grow in a popular niche within the industry. Another player in the field is Philips Respironics (hit last month with a second FDA Class I recall in a year for one of its ventilator units). On the drug side, AstraZeneca ($AZN) makes respiratory drugs delivered by inhaler devices.
- read the release