Cohera Medical raised a $50 million funding round led by private equity giant KKR and joined by a group of existing investors.
Pittsburgh-based Cohera, which makes absorbable surgical adhesives and sealants, said it plans to use the proceeds for the U.S. launch of its TissiGlu adhesive and for clinical trials of its Sylys sealant, which won CE Mark approval in the European Union last August. The FDA approved TissuGlu in February.
“In clinical trials, surgeons were able to eliminate the need for post-surgical drains by using TissuGlu, reducing the need for invasive treatments for their abdominoplasty patients, and improving the patient recovery process. The pre-market approval supports the safety and effectiveness of TissuGlu as an alternative to the use of closed suction drains,” president & CEO Patrick Daly said in prepared remarks. “We are excited to partner with KKR as we initiate commercialization of TissuGlu in the U.S. and believe that the Company’s pipeline of products holds great promise for both patients and surgeons.”
KKR director Ali Satvat is joining Cohera’s board as part of the funding round, the company said.
“We look forward to partnering with Patrick and his experienced team,” Satvat added. “Cohera Medical has demonstrated an impressive ability to innovate transformational health care products and is at the forefront of new technologies in the expanding surgical adhesives and sealants market.”
Cohera closed a $26 million Series D round in January 2014.