Lungpacer Medical, headquartered in Canada with main operations in Exton, is raising funds and nearly doubling its workforce to support the commercial launch of its first product, which received Food and Drug Administration approval at the end of last year, writes John George for the Philadelphia Business Journal.
According to Lungpacer CEO Doug Evans, the neurostimulation medical device company is currently hiring to build its new internal commercial sales team, which will work alongside its existing 50-employee research and development staff.
“Ultimately, our commercial organization probably will have about 40 people,” said Evans. “We’ll be developing those plans over the next few months.”
The company plans to announce its first chief commercial officer hire next week.
The company also aims to secure $75 million through a Series C equity financing round. Lungpacer has raised around $150 million in the first two financing rounds. The company’s largest shareholder is 4CGE, a St. Louis venture capital firm.
Lungpacer, founded in 2009, specializes in developing minimally invasive technologies aimed at improving respiratory and critical care medicine. Its FDA-approved AeroPace system helps wean patients off ventilators quicker enabling them to breathe independently again.
Read more about Lungpacer Medical and its upcoming product AeroPace in the Philadelphia Business Journal.
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