Seattle-based Uptake Medical has secured $1.2 million in a second closing of an equity financing, meaning it has raised a total of $4.6 million so far in a round that could be worth as much as $13.3 million if the company achieves certain milestones, says CEO King Nelson. The company is developing a minimally invasive technique for treating chronic lung diseases by using hot vapor to seal off damaged parts of lung so air doesn’t get trapped there. The company is starting larger trials to win clearance to start marketing its device in Europe.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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