ALung nears close of $17M equity funding round

July 22, 2013 by Arezu Sarvestani

ALung inches closer to topping off a $17 million fundraising round, with less than $2.3 million left to raise.

ALung Technologies logo

Pennsylvania medical device maker ALung Technologies is nearing the close of a $17 million equity funding round with about $14.7 million raised so far among 48 unnamed investors, according to an SEC filings.

The new report updated a fundraising effort that began in late March 2013, and ALung reported last month that it had hit the $9.5 million mark in the raise. Now it's got about 2.3 million left before putting a bow on this round.

Sign up to get our free newsletters delivered right to your inbox.

Last year ALung drummed up $10 million in a Series B round it planned to use to commercialize its Hemolung respiratory assist system, which is cleared for sale in Europe and Canada. In May ALung announced that is was pursuing approval from the China Food & Drug Administration for Hemolung.

The most recent funding round is likely aimed at a U.S. trial for the device. ALung expects to meet with the FDA earlier this year to discuss the parameters of a 3-year clinical trial that could begin next year, CEO Peter DeComo told the Pittsburgh Tribune-Review.