Convexity Scientific Raises $3.5 Million to Expand Flyp Nebulizer Market Reach
The funding comes as Convexity prepares to launch an updated version of the portable nebulizer at Medtrade.
- By Haley Samsel
- Oct 16, 2019
As it prepares to launch an updated version of its Flyp Nebulizer this month, Convexity Scientific says it has closed a $3.5 million Series B financing round to support the commercial growth of the product.
HighCape Capital led the round with participation from Connecticut Innovations, Benslie International and Stonehenge Capital. The firms were excited by the possibilities of Flyp, a portable nebulizer designed to simplify management of chronic respiratory conditions such as COPD and asthma.
“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,” Kevin Rakin, the incoming chairman of Convexity and a partner at HighCape Capital, said in a statement. “We view Flyp as the first in a class of next-generation consumer oriented medical devices.”
Flyp was originally approved by the FDA in 2017 with the goal of providing an alternative to traditional inhalers and nebulizers. Geoff Matous, the president of Convexity, said the financing will support other product development innovations, a larger commercial reach for Flyp and a staff expansion.
“Along with product development and expanded commercial capabilities, the resources will help us attract and hire talent,” Matous said in a statement. “The Series B is an important milestone for the company and we’re fortunate to have great partners at the table.”
Convexity plans to debut a new version of the product on Oct. 21 during the annual Medtrade conference in Atlanta.
Haley Samsel is the Associate Content Editor of HME Business and Mobility Management.