RTW Venture Fund’s portfolio company, Pulmonx Corporation, announced on 30 September 2020 the pricing of its US$190 million initial public offering (IPO) as well as its admission to trading on Nasdaq Global Market under the ticker: LUNG. Pulmonx is a medical device company that commercializes the Zephyr Valve System, which it says is the first FDA‐approved minimally invasive procedure for the treatment of severe emphysema.
RTW Venture’s investment in Pulmonx
Prior to IPO, RTW Investments, LP initially participated in a $65 million financing round in Pulmonx in April 2019. Since then, RTW Venture Fund and other funds managed by the Investment Manager participated in a $66 million follow‐on financing round in April 2020. It is reported that Pulmonx’ IPO was significantly upsized and oversubscribed, raising $190 million by offering 10 million shares at $19.00 per share. On the first day of trading, Pulmonx’ share price increased by 106.9% to close at $39.31 per share.
Comments from Naveen Yalamanchi, MD, Portfolio Manager at RTW Investments
“We are delighted with Pulmonx’ highly successful IPO, making this the one of the most successful biotech / medtech IPOs this year. As a full life cycle investor, we look forward to maintaining exposure to promising portfolio companies such as Pulmonx post‐IPO and continue supporting the company and its efforts to expand commercialization of the Zephyr Valve for patients with severe emphysema.”