Innovative Pulmonary Solutions has a new name, a new round of cash and a new headquarters. The medical device company announced today that it has changed its name to Holaira and opened a new headquarters in Plymouth, Minnesota. It also raised $10 million from existing investors, including Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures.
The corporate relocation is a blow to Seattle’s life sciences community, which has encountered a series of setbacks over the years, from the acquisition of Icos to the declining fortunes of Dendreon to the fading away of life sciences-focused VC firm OVP Venture Partners.
Holaira plans to use funds from the new financing round to continue development on its device for the treatment of lung diseases, including chronic obstructive pulmonary disease. That ailment, which causes interferences of normal breathing, impacts about 64 million people worldwide.
“The relocation of the company, along with our new corporate identity, sets the stage for the next level of product development and our future clinical trials,” said Chief Executive Dennis Wahr.
The company announced its plans to move to Minneapolis last fall after Wahr — who previously founded Lutonix and Velocimed— was named CEO.