Artificial lung-like device developer ALung Technologies said today it closed a $36 million Series C financing round, with funds slated to support a US pivotal trial of its Hemolung respiratory assist system as it pursues FDA approval.
The Pittsburgh, Penn.-based company is developing the Hemolung device, 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.
“Since 2013, hundreds of patients with acute respiratory failure have been successfully treated with the Hemolung RAS outside of the United States. With this new financing, we will be able to conduct our US-based clinical trial, an important step towards obtaining FDA approval and making our device available to patients in the United States. We are grateful to Philips, UPMC, and our many other investors for their commitment to ALung and the numerous patients who stand to benefit from our technology,” ALung CEO & chair Peter DeComo said in a press release.
As part of the funding round, Philips patient care & monitoring systems chief medical officer Dr. Adam Seiver and UPMC’s Jeanne Cunicelli will join ALung’s board of directors, the company said.
“As a leader in non-invasive ventilation solutions for the hospital and the home, we are committed to making a difference in patient care through innovation. We see the potential of ALung’s innovative technology, and we are excited to partner with them and bring the technology to the next level,” Sevier said in prepared remarks.
“We are excited to partner with ALung, whose mission reflects our own: to dramatically improve patient outcomes and the cost-effectiveness of care by applying cutting-edge science and technology,” UPMC chief medical & scientific officer Dr. Steven Shapiro said in a prepared statement.