Pulmonx is focused on developing life-changing technologies that improve the lives of patients suffering from lung disease. The Company’s first commercial products address emphysema, a form of COPD (chronic obstructive pulmonary disease) and the largest unmet medical need in Pulmonology. With emphysema, breathing becomes increasingly more difficult as the disease progresses. Today in the U.S., advanced emphysema patients have no available alternatives but lung volume reduction surgery, which is associated with high morbidity and mortality, and lung transplantation, which is limited by the availability of donor organs. Pulmonx has developed the Zephyr Endobronchial Valve (EBV) Therapy, a non-surgical, investigational approach to treating emphysema. The minimally invasive Zephyr valve is a tiny, one-way valve designed to reduce the volume of the diseased regions of the lung by blocking airflow, in order to improve breathing and increase activity levels. No surgery is involved in the simple, one-hour procedure. More than 25,000 Zephyr valves have been implanted outside the U.S. in the last 10 years. Clinical studies in Europe have shown that the majority of qualified patients who have the procedure see a significant improvement in lung function, exercise tolerance and quality of life. In the United States, Pulmonx is conducting the LIBERATE Clinical Study to evaluate the safety and effectiveness of the Zephyr valve in patients with severe emphysema. Pulmonx products are commercially available in Europe, Australia, Asia, Latin America and other countries worldwide. The company does not yet market or sell its products in the United States. CAUTION: The Zephyr Endobronchial Valve is an investigational device in the US, limited by US law to investigational use.