On August 7, 2025, Apreo Health, a clinical-stage medical device company developing a novel treatment for severe emphysema, announced the closing of an oversubscribed $130 million Series B financing round. The financing was co-led by new investors Bain Capital Life Sciences and Norwest, with participation from new investors F-Prime and Intuitive Ventures. Returning investors Lightstone Ventures and Santé Ventures also participated in the round. Wilson Sonsini Goodrich & Rosati advised Apreo Health on the transaction.

Apreo Health's BREATHE-3 (Bronchoscopic RElease of Air Trapped in Hyperinflated Emphysematous Lung—Study 3) is a multicenter, randomized controlled trial designed to evaluate the safety and efficacy of the Apreo BREATHE Airway Scaffold, a bronchoscopically delivered implant designed to relieve lung hyperinflation by releasing trapped air in patients with severe emphysema. The company will use the additional capital from the Series B financing to fund regulatory activities related to BREATHE-3 and early commercialization efforts.

The Wilson Sonsini team that advised Apreo on the transaction was led by Philip Oettinger, RJ Lang, Davelyn Bulovas, and Tori Fong.

For more information, please see Apreo's news release. Additional coverage can be found on MassDevice.