On May 11, 2020, CorVent Medical, a Coridea portfolio company, announced the closing of a $4.5 million seed financing round to support the commercialization of the first single-use, critical care ventilator that will enable rapid and affordable deployment with superior infection control. The financing round is led by the prominent European life sciences venture capital firm Sofinnova Partners with participation from Redmile Group, Exor Seeds, Genesis Medtech Group, The Deerfield Foundation, The Pagliuca Family Office, and Accel Founder Jim Swartz. Funds will be used to finalize regulatory filings under the U.S. Food and Drug Administration's Emergency Use Authorization (EUA) Act, to upon approval launch the CorVent™ Single-Use Ventilator, and to support future development of next generation lifesaving devices for respiratory insufficiency. Wilson Sonsini Goodrich & Rosati represented CorVent Medical in the transaction.

The CorVent™ Single-Use Ventilator is designed to meet each patient's respiratory needs in an easy plug and play set-up with built-in safeguards. The single-patient design provides superior infection control with integrated filters to protect healthcare providers, staff, and patients. Delivering critical care ventilation at a moment's notice, the CorVent™ Single-Use Ventilator complements existing products during hospital shortages or in underserved markets.

The Wilson Sonsini team that represented CorVent Medical in the transaction included Elton Satusky, Daniel Cho, and Brodie Cummings.

For more information, please see CorVent Medical's press release.