GRAND RAPIDS, Mich., Aug. 12, 2024 /PRNewswire/ -- cultivate(MD), a leading medical device venture capital company announced today its participation in the successful Series A extension round of Prana Thoracic, a Houston-based medtech startup.
The round, which was oversubscribed by 30%, secured an additional $3 million, bringing Prana Thoracic’s total funding to $9 million. This achievement underscores the strong confidence in Prana Thoracic’s mission to revolutionize lung cancer intervention through precision surgical solutions.
“We are excited to support Prana Thoracic in their mission to improve lung cancer treatment. Their innovative approach has the potential to significantly impact patient outcomes,” said R. Sean Churchill,MD, MBA - Managing Director of cultivate(MD).
Prana Thoracic’s cutting-edge approach to lung cancer treatment aligns with cultivate(MD)'s commitment to investing in transformative healthcare technologies. The company’s pioneering work in developing minimally invasive techniques for lung tissue excision has the potential to dramatically improve patient outcomes, offering earlier and more precise interventions for those affected by lung cancer.
“We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” said Joanna Nathan, Chief Executive Officer and Co-Founder of Prana Thoracic. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.”
“The team has made remarkable progress in developing this novel and minimally invasive technique for lung tissue excision, which has the potential to transform the diagnosis and treatment of early-stage lung cancer,” said Edward M. Boyle, MD, Founder and Director of Prana Thoracic. “Beyond lung applications, they are pioneering new methods to use this technology for other soft tissues and are actively exploring integration with ablation and robotic systems, aligning with the future direction of these fields.”
In addition to the investment from cultivate(MD), this fundraising round was supported by new investors GenHenn Capital, and Houston Angel Network, with participation from prior lead investor New World Angels. Existing investors include Johnson & Johnson Development Corp, Texas Medical Center Venture Fund, and the Cancer Prevention & Research Institute of Texas (CPRIT).
The funds from this oversubscribed round will be instrumental in accelerating Prana Thoracic’s product development and advancing its clinical and regulatory milestones, bringing the company closer to its goal of transforming lung cancer intervention.
About cultivate(MD)
cultivate(MD) is a medical device venture capital firm dedicated to advancing healthcare innovation. With a keen focus on cutting-edge medical technologies, cultivate(MD) supports companies that show the potential to revolutionize healthcare delivery and patient care.
For more information, visit: https://cultivate-md.com
About Prana Thoracic
Prana Thoracic was founded with a vision to transform lung cancer intervention through precision surgical solutions. We aim to right-size interventions for those patients seeking earlier options in the management of their disease. Our flagship product, the Prana System, has been meticulously designed to enable image-guided, minimally invasive surgery, conserving healthy tissue and driving personalized treatment plans in a range of conditions including lung cancer. Our team of leading surgeons, engineers, and entrepreneurs is obsessed with developing technologies that raise the bar for physicians and patients alike.
For more information, visit: https://www.pranathoracic.com
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This communication contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our plans, beliefs, expectations, assumptions, and other statements that are not necessarily historical facts. You are cautioned that these forward-looking statements are only predictions and involve risks and uncertainties. Further, any forward-looking statement speaks only as of the date on which it is made, and we do not intend to update or revise any forward-looking statements. This communication also contains market data related to our business and industry which includes projections that are based on several assumptions we believe are reasonable and most significant to the projections as of the date of this communication. If any of our assumptions prove to be incorrect, our actual results may significantly differ from our projections based on these assumptions.
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