Artificial lung-like device developer ALung Technologies raised $10.8 million in a new round of debt financing according to an SEC filing posted this week.
The money already raised in the round comes from 63 unnamed investors, according to the SEC filing.
Pittsburgh-based ALung’s Hemolung device is an extracorporeal carbon dioxide removal system that works by removing carbon dioxide and delivering oxygen directly to a patient’s blood via a small catheter inserted into the jugular or femoral vein.
The company said that the remaining $1.2 million it looks to raise includes notes that are to be issued to Equinox Securities Melvin Pirchesky as part of a commission, according to the filing.
Early last month, ALung Technologies said its Hemolung RAS extracorporeal carbon dioxide removal device was selected for use in the world’s 1st pivotal trial of ECCO2R technology used to treat patients with acute respiratory failure.
The U.K.’s National Institute for Health Research will supply $3.1 million (GBP £2.1 million) in funding for the 1,120 patient Rest trial, which looks to examine the effect of protective ventilation with veno-venous lung assist devices during respiratory failure.
The trial will be jointly led by Queen’s University and Belfast Health and Social Services Trust, the company said.