Prana Thoracic Inc., a Houston medical device company developing a tool for early interception of lung cancer, announced an additional $3 million in funding. Photo via Getty Images

A Houston-based medtech startup with an innovative tool that's aiming to transform lung cancer intervention has closed its series A extension round.

Prana Thoracic announced an additional $3 million in funding, a raise that was oversubscribed by 30 percent, reports the company. The company's series A originally closed in March 2023 at $3 million. In August of 2022, the company secured $3 million in grant funding.

"We are grateful for the overwhelming support from our investors in this financing round. Their confidence in our mission and plan is motivating,” Joanna Nathan, CEO and co-founder of Prana Thoracic, says in a news release. “This additional funding will enable us to accelerate our efforts in bringing precision surgical solutions to lung cancer patients worldwide.”

The extension included participation from new investors, including cultivate(MD), GenHenn Capital, and Houston Angel Network, as well as from prior lead investor New World Angels. Existing investors — Johnson & Johnson Development Corp, Texas Medical Center Venture Fund, and the Cancer Prevention & Research Institute of Texas (CPRIT) — also support the company.

"We are excited to support Prana Thoracic in their mission to improve lung cancer treatment. Their innovative approach has the potential to significantly impact patient outcomes," says Dr. R. Sean Churchill, managing director of cultivate(MD), in the release.

The additional funding will support the company as it advances through its clinical and regulatory plans.

“The team has made remarkable progress in developing this novel and minimally invasive technique for lung tissue excision, which has the potential to transform the diagnosis and treatment of early-stage lung cancer," adds Dr. Edward M. Boyle, founder and director at the company. "Beyond lung applications, they are pioneering new methods to use this technology for other soft tissues and are actively exploring integration with ablation and robotic systems, aligning with the future direction of these fields."

In 2022, Nathan joined the Houston Innovators Podcast to discuss her passion for Prana Thoracic's innovation. Listen to the episode below.

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TMC launches new biotech partnership with Republic of Korea

international collaboration

Houston's Texas Medical Center has launched its new TMC Republic of Korea BioBridge.

The new partnership brings together the TMC with the Osong Medical Innovation Foundation, or KBIOHealth. The Biobridge aims to support the commercialization of Korean biotech and life science startups in the U.S., foster clinical research, and boost collaboration in the public, private and academic sectors.

Through the partnership, TMC will also develop a Global Innovators Launch Pad to foster U.S. market entry for international health care companies. Founders will be selected to participate in the 10-week program at the TMC Innovation Factory in Houston.

“Gene and cell therapies are driving biotech innovation, opening possibilities for treating diseases once thought untreatable," William McKeon, president and CEO of the Texas Medical Center, said in a news release. "Expanding biomanufacturing capacity is essential to delivering the next wave of these therapies, and partnerships with leading innovators will strengthen our efforts in Houston and internationally.”

McKeon officially signed the TMC Korea BioBridge Memorandum of Understanding with Myoung Su Lee, chairman of KBIOHealth, in South Korea in October.

"This collaboration marks a significant milestone for Korea’s biohealth ecosystem, creating a powerful bridge between Osong and Houston," Lee added in the release. "By combining KBIOHealth’s strength in research infrastructure and Korea’s biotech talent with TMC’s global network and accelerator platform, we aim to accelerate innovation and bring transformative solutions to patients worldwide.”

This is the seventh international strategic partnership for the TMC. It launched its first BioBridge with the Health Informatics Society of Australia in 2016. It launched its TMC Japan BioBridge, focused on advancing cancer treatments, last year. It also has BioBridge partnerships with the Netherlands, Ireland, Denmark and the United Kingdom.