Convexity Scientific said yesterday that it closed a Series B financing round worth nearly $4 million ahead of the launch of its Flyp nebulizer.
Fairfield, Conn.-based Convexity’s funding was led by HighCape Capital with participation from Connecticut Innovations, Benslie International and Stonehenge Capital, according to a news release.
The company said the funding is earmarked for the commercial growth of the Flyp nebulizer and adjacent innovations. The Flyp device is a pocket-portable nebulizer designed to simplify management of chronic respiratory conditions like asthma and chronic obstructive pulmonary disease by delivering medication deep into the lungs through fast treatments.
The Flyp was cleared by the FDA in May 2017 and launched in March 2018. The company plans to launch an updated version of the device at the Medtrade home medical equipment expo in Atlanta Oct. 21.
“We’re mission-focused on empowering healthier lives,” president Geoff Matous said in prepared remarks. “We take a user-centric design approach to create products and experiences that challenge the conventional upper limit of user satisfaction in respiratory care. The Series B is an important milestone for the company and we’re fortunate to have great partners at the table. … Along with product development and expanded commercial capabilities, the resources will help us attract and hire talent. Our presence in Connecticut provides a key advantage in the recruitment of qualified personnel because of the strong and growing medtech and digital health ecosystem.”
“The Flyp pocket-portable nebulizer can be used to effectively treat a range of lung-related conditions, including asthma, COPD and other common lung diseases,” added founder & CMO Dr. Ralph Finger. “We started with a goal to help improve the life of one patient. Now, thousands use and benefit from Flyp Nebulizer daily. It’s really amazing.”
“We are excited to partner with the Convexity team as they build on their initial success in marketing Flyp Nebulizer directly to consumers, focusing on an integrated approach to their well-being,” said incoming chairman and partner at HighCape Capital Kevin Rakin. “We view Flyp as the first in a class of next-generation consumer oriented medical devices.”