Broncus Technologies lines up venture debt financing for emphysema treatment
Broncus Technologies pulled its initial public offering plans last week and now intends to line up venture debt financing, VentureWire reported.
Mountain View, Calif.-based Broncus is developing a minimally invasive treatment for emphysema. It filed to go public in November but withdrew its IPO plans because of weak market conditions. Kenneth Haas, a Broncus board member and partner with Broncus investor Abingworth Management, said a venture round will give it more flexibility in case the next equity financing takes longer than expected.
Abingworth owns 15.3 percent of Broncus’ stock. HBM BioVentures is the top venture backer with 26.2 percent and Menlo Ventures owns 12.8%. Broncus expects to finish enrollment in a clinical trial by the end of the year, lining up a product launch possibly by 2010.
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About the Author, Dean Takahashi
Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.