Arsenal Medical, a company that makes internal-bleeding control products for battlefield situations, brought in $4 million from 8 un-named investors in a funding round that opened last month.
Arsenal’s foam-based product can be injected into wounds to slow bleeding. The technology has also attracted interest from the government defense agency DARPA, which granted a $15.5 million contract in December.
The Watertown, Mass.-based company raised the new cash through debt financing, according to Securities & Exchange Commission filings.
In 2011, Arsenal teamed up with venture capital firms North Bridge Venture Partners and Intersouth Partners to create a spin-off company called 408 Biomedical, which develops self-expanding materials used to open heart arteries in people with peripheral artery disease.
In March the spin-off company launched a target $21.2 million funding round, and 1 month later already reached $17 million, according to an SEC filing. Medical device giant Medtronic (NYSE:MDT) has also invested in 408 Biomedical.
