Apreo Health has completed a $130 million Series B financing round to advance the development of its lung implant technology for severe emphysema. The round was co-led by Bain Capital Life Sciences and Norwest, with participation from F-Prime, Intuitive Ventures, Lightstone Ventures, and Santé Ventures.
The proceeds will fund the BREATHE-3 (Bronchoscopic RElease of Air Trapped in Hyperinflated Emphysematous Lung-Study 3) trial, a multicenter, randomized controlled study to evaluate the safety and efficacy of the BREATHE Airway Scaffold. The implant is delivered bronchoscopically, designed to hold open damaged airways and release trapped air that causes lung hyperinflation. The financing will also support regulatory activities connected to BREATHE-3 and early commercialization plans.
The BREATHE Airway Scaffold is a minimally invasive, self-expanding implant. It targets severe emphysema, a subtype of chronic obstructive pulmonary disease (COPD) that affects over 3 million people in the United States. The disease can progress to chronic respiratory failure, damaging the alveoli and limiting oxygen delivery to the bloodstream. According to the company, fewer than 1% of patients currently receive interventional treatment for emphysema.
Earlier this year, Apreo presented first-in-human data from two clinical studies at the American Thoracic Society (ATS) conference in San Francisco. Involving 60 patients in Australia and Europe who received up to three scaffolds, the trials showed an average reduction in post-exhalation lung volume of about 750 mL at six months after the procedure.
The studies reported a 92.4% success rate in implant placement, no cases of pneumothorax, and improvements in lung function, exercise capacity, and quality of life. The company stated that 10% of patients developed pneumonia, while 5% reported COPD exacerbations. The results were also published in the American Journal of Respiratory and Critical Care Medicine.
“The data from this study reinforces our belief that the BREATHE Airway Scaffold has the potential to become a new standard of care for patients with emphysema-related hyperinflation,” said Apreo CEO Karun Naga. He also stated that the company is developing a minimally invasive, tissue-sparing approach designed to reduce uncertainty in patient selection and enable a more efficient treatment pathway.
Norwest Vice President Suraj Shah and General Partner Zack Scott wrote in a blog post that technological advancements in bronchoscopy, such as the expansion of robotic platforms, have increased access to lung procedures and are creating opportunities for procedural innovation. Bain Capital Life Sciences Managing Director Nicholas Downing, M.D., noted that the device has potential to address a significant unmet need in COPD care.
Apreo was founded in 2021 out of The Foundry, a medtech incubator based in Menlo Park, California. The Foundry previously formed Emphasys, the original developer of the Zephyr endobronchial valve for emphysema, which was later acquired by Pulmonx in 2009. In a LinkedIn post during the ATS meeting, The Foundry stated it co-founded Apreo with the aim of improving treatment options for COPD patients and described the trial results as encouraging for those with severe emphysema.
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