ALung Technologies Inc. closed a $14 million series A financing round.
Pittsburgh-based private equity firm Eagle Ventures Inc. led the funding round, with venture capital firm Birchmere Ventures and new and existing individual investors also joining in.
The Pittsburgh-based company said the financing is designed to support clinical trials and commercialization efforts for its Hemolung respiratory assist system. The Hemolung 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, according to the company.
ALung is conducting a pilot study of the device in Germany and is planning a U.S.-based pivotal trial designed to gain Food & Drug Administration clearance.
The company had raised $6.1 million in equity by April as part of a funding round it began in February.