Cohera Medical closed its Series D financing round, bringing in $26.3 million which will be dedicated to securing FDA clearance for its TissuGlu surgical adhesive and CE Mark approval for the Sylys surgical sealant.
TissuGlu is an internal surgical adhesive for large flap surgeries, such as abdominoplasties, to reduce fluid accumulation and the need for post-surgery drains. The sealant was cleared for use in Europe in 2011. The company recently handed in the 4th module of its pre-market approval application for FDA review.
Sylys is a synthetic sealant designed to complement existing anastomotic closure techniques to significantly reduce anastomotic leakage in intestinal anastomosis procedures. Cohera closed the clinical trial for the sealant with positive results.
Clearance for both sealants would allow Cohera to grab a bigger foothold in a billion dollar sector of the medical device industry.
“Our goal is to improve patient care and recovery time through natural healing and reduced post-operative treatments, so patients can quickly resume normal activities," President & CEO Patrick Daly said in prepared remarks. "The continued support from our investors is a testament to our significant milestones of 2013, which included the completion of our pivotal ‘No-Drain’ study for TissuGlu and our first in human study for Sylys."
