Rox Medical is taking an unusual approach to treating COPD by introducing a vascular device that increases oxygen delivery to tissue and cardiac output. The potential has investors' hearts racing as well.

For the past decade, venture capitalists have invested in companies that are developing new technologies to treat late-stage chronic obstructive pulmonary disorders.Despite hundreds of millions in venture capital dollars, the companies have made little progress in bringing these products to market in the US. But this band of start-ups is taking the fight to the streets - of Europe.

For over three decades, medical device investors have accepted the Food and Drug Administration's crucial role as traffic cop for their start-ups. Yes, the agency could be tough, but a green light opened a lucrative road for device companies. But venture capitalists are increasingly worried that tighter controls on regulation could endanger innovation.