A $60 million infusion of capital is headed to Pulmonx Corporation (NASDAQ: LUNG), a maker of devices to treat severe chronic obstructive pulmonary disease (COPD) and emphysema, through a senior secured credit facility arranged by Perceptive Credit Holdings V, LP. The deal, announced March 19, 2026, provides Pulmonx with crucial funding and includes a warrant for Perceptive to acquire up to 1,000,000 shares of the company’s common stock. This financing underscores continued investor interest in the medical device sector and specifically in technologies addressing respiratory illnesses.
The credit facility isn’t a single lump sum; a portion is structured as delayed draw term loan commitments, meaning Pulmonx can access funds as needed, with the issuance of additional warrants accompanying each draw. This structure offers flexibility for the company as it continues to develop and market its Zephyr® Valve, a minimally invasive treatment option for patients suffering from severe COPD. The deal highlights the growing trend of private credit funds providing financing to healthcare companies, particularly those focused on innovative therapies.
Proskauer Represents Perceptive in Expanding Life Sciences Portfolio
Legal counsel for Perceptive Credit Holdings V, LP in this transaction was provided by the firm Proskauer, marking the third such representation of Perceptive Credit Opportunities in recent months. Proskauer previously advised Perceptive on a $70 million senior secured financing for TELA Bio, Inc. (NASDAQ: TELA), a provider of hernia and abdominal wall reconstructive solutions, completed in the fourth quarter of 2025, and another senior secured credit facility for Cerapedics Inc., a bone graft solutions manufacturer. These deals demonstrate Proskauer’s increasing role in facilitating financing within the life sciences industry.
The Proskauer team, led by partner Patrick Walling, included a broad range of specialists in private credit, capital markets, securities, structured capital, healthcare, intellectual property, and privacy law. This multidisciplinary approach reflects the complex legal considerations involved in these types of financing arrangements. The firm also recently advised Sixth Street on a $500 million senior secured credit facility for Beam Therapeutics, further solidifying its position in the private credit space.
Key Players in the Proskauer Legal Team
The Proskauer team advising Perceptive included partner Jonathan Gill and associate Daniel Ishak (M&A); partner Devin Cohen and associates Jacquelyn Daniel and Michael Menconi (Health Care); partner Fangli Chen and associate Nicholas Prairie (Life Sciences Patent); and partner Daryn Grossman and associate Jay Frankel (Intellectual Property). Associates Isabella Shaulis, Ray Alvarez, Jacob Frank, and Gregory Dewire, all specializing in Private Credit & Leveraged Finance, also contributed to the deal. The leadership of partner Patrick Walling was central to the successful completion of the transaction.
Growing Private Credit Activity in the Healthcare Sector
The increasing involvement of private credit funds like Perceptive Credit Holdings V, LP in healthcare financing reflects a broader trend. Traditional bank lending can be restrictive for companies developing innovative medical technologies, creating an opportunity for alternative lenders. These funds often offer more flexible terms and a willingness to seize on greater risk in exchange for higher returns. The aggregate transaction value of deals Proskauer has been involved in over the past five years exceeds $420 billion, spanning over 1,600 deals for more than 100 private credit clients across the U.S. And Europe.
Proskauer’s Private Credit Group, comprised of over 110 finance and restructuring lawyers, is specifically designed to cater to these types of investors. The firm’s expertise in navigating the complex regulatory landscape of the healthcare industry is a key asset for clients like Perceptive. The firm’s ability to provide comprehensive legal solutions across multiple disciplines positions it as a valuable partner for companies seeking to raise capital and navigate the challenges of the healthcare market.
Pulmonx Corporation, trading on the NASDAQ under the ticker symbol LUNG, focuses on developing and commercializing innovative therapies for patients with severe lung disease. The Zephyr Valve, the company’s primary product, offers a less invasive alternative to traditional treatments for COPD and emphysema. The $60 million credit facility will likely support the continued expansion of the Zephyr Valve’s market reach and potentially fund the development of new products.
The terms of the credit agreement, dated March 2, 2026, include borrowing procedures, repayment schedules, interest rates, and financial covenants, as outlined in filings with the Securities and Exchange Commission. Details of the agreement are publicly available through the SEC’s EDGAR database.
Looking ahead, Pulmonx is expected to provide further updates on its financial performance and product development plans during its next quarterly earnings call. Investors and industry observers will be closely watching the company’s progress as it seeks to expand its market share and improve the lives of patients suffering from severe lung disease.
This financing represents a significant step for Pulmonx, providing the resources needed to continue its growth trajectory. The deal also underscores the continued strength of the private credit market and the increasing appetite for investment in innovative healthcare technologies.
Disclaimer: This article is for informational purposes only and does not constitute financial or medical advice. Consult with a qualified professional before making any investment or healthcare decisions.
What are your thoughts on this financing deal? Share your comments below and let us know how you suppose this will impact the medical device industry.
