ALung Technologies said it drummed up another $10 million it plans to use to continue commercializing its Hemolung respiratory assist device.
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.
"These new funds will allow us to accelerate the global commercialization of the Hemolung technology. Our controlled launch process was very successful with the product having been tested and validated by leading physicians at 43 hospitals in 13 countries, and as a result, therapy utilization has increased quarter over quarter. Our offering of a simpler and less-invasive form of extracorporeal lung support has been well received, and we continue to be excited by the clinical results reported by our users," chairman & CEO Peter DeComo said in prepared remarks. "The past year has been an exciting time for ALung, and we appreciate the support of our investors. We see increasing market demand for innovative extracorporeal lung support technologies and believe that the Hemolung RAS is well positioned to meet this important clinical need."
Last year ALung closed a $15.8 million Series B1 round led by Allos Ventures, which included West Capital Partners, Birchmere Ventures, BlueTree Capital Group, PLSG Accelerator Fund, Smithfield Trust Company and several private investors.