BioLargo subsidiary Clyra Medical Technologies said Wednesday it closed a financing deal with Sanatio Capital for $750,000 equity up front and a commitment for a $5 million operating line of credit.
Fund will go to support Clyra’s advanced wound care products, with the company hoping to submit FDA 510(k) applications sometime this year, according to Santa Ana, Calif.-based BioLargo.
“This is another important milestone for BioLargo and Clyra as we continue to advance our mission to ‘Make Life Better’ with our sustainable, disruptive, patent-protected technologies. We believe our Clyra products represent a technical advancement in the way wounds can be better managed to promote healing and that they will reduce human suffering around the world,” BioLargo CEO Dennis Calvert said in a press release.
Clyra Medical Tech holds an exclusive license to commercialize parent company Biolargo’s advanced wound care tech. With the funding agreement, Sanatio purchased 40% of the issued and outstanding shares of Clyra in exchange for the investment.
“We believe that this financing will provide the capital needed to help Clyra secure the appropriate regulatory approvals and launch what we believe will become a game changer for the Advanced Wound Care industry. This segment is a $6 billion market and we believe we will be able to offer better technical solution to this market,” Clyra Medical Technologies prez Steve Harrison said in prepared remarks.