Artificial lung-like device developer ALung Technologies said today it closed a $12 million round of financing to support the continued commercialization of its minimally invasive Hemolung Respiratory Assist System.
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.
“This new financing reflects continued recognition by the investment community of the potential for our Hemolung technology to revolutionize the treatment of patients with acute respiratory failure. Very importantly, we will utilize this financing to complete the work required to obtain IDE approval for a US-based clinical trial under our recent EAP designation. We are very grateful to our investors for their continued confidence as we pursue this very exciting next step,” CEO Peter DeComo said in a prepared statement.
ALung said the funds came from existing and new investors, and in addition to commercialization, funds will help support the company’s pursuit of FDA approval following the agency’s Expedited Access Pathway designation.
The company raised $10.8 million of the funds last month, according to an SEC filing it posted in mid-January. The money already raised in the round comes from 63 unnamed investors, according to the SEC filing.
The company said that the remaining $1.2 million it looks to raise includes notes that are to be issued to Equinox Securities Melvin Pirchesky as part of a commission, according to the filing.
In December, ALung Technologies said its Hemolung RAS extracorporeal carbon dioxide removal device was selected for use in the world’s 1st pivotal trial of ECCO2R technology used to treat patients with acute respiratory failure.