PneumRx, a maker of medical devices that diagnose and treat lung cancer and Chronic Obstructive Pulmonary Disease (COPD, or emphysema), said it has raised a $27 million in a second round of funding.

Adams Street Partners and Telegraph Hill Partners led the round, which also included Sage Venture Partners. They were joined by all existing investors, including Alta Partners, KBL Healthcare Ventures and Spray Venture Partners.

PneumRx said it expects to use the Series B funds to complete clinical trials and prepare for commercialization of two major medical devices:

— PneuSeal(TM), an adhesive sealant, currently undergoing clinical trials in Germany to assess its safety and effectiveness for reducing pneumothorax complications in lung biopsy.”

–for emphysema, a “minimally invasive lung volume reduction” device that the company says has demonstrated quantitative improvements in lung function. PneumRx plans to commence clinical trials on the device later this year.