Alafair Biosciences said yesterday that it raised over $7.2 million in a Series B/B-1 financing round.
Funds raised in the round will support the accelerated commercialization of the the Austin, Texas-based company’s VersaWrap tendon protector, its initial product.
Alafair said that it has already received FDA clearance for its VersaWrap device, which is indicated for managing and protecting tendon injuries with no substantial loss of tendon tissue. The company said it launched the product in 2017, and that it anticipates filing a second FDA 510(k) application seeking expanded clinical applications.
Money will also be used to support additional pipeline development programs associated with the company’s hydrogel technology, which includes an ultrathin, sutureless, bioresorbable hydrogel designed to separate and protect adjacent surfaces including soft tissues, bone or surgical implants.
“We are very pleased to have oversubscribed this offering and are excited to have the capital to accelerate Alafair’s next phase of growth. VersaWrap provides a novel solution for the protection of injured tendons. By forming a permeable, gelatinous layer around the tendon, VersaWrap facilitates improved tendon gliding during the healing cascade. This layer reduces surface-to-surface friction and, thus, can aid in the reduction of inflammation typically observed postoperatively. With a portfolio of 15 issued and 13 pending patents covering a broad range of clinical applications, we are well-positioned to build a robust product pipeline based on our hydrogel technology,” CEO Greg Brophy said in a press release.