Hemovent said today it received an undisclosed amount of funding as part of an oversubscribed Series A expansion round.
The funds came from all existing investors, the Aachen, Germany-based company said, as well as newly invested 1st Capital Partner.
Hemovent said that the funding comes shortly after it completed the 1st series of in vivo trials of its artificial lung technology platform which it is developing for a range of indications including extracorporeal CO2 removal and extracorporeal life support.
“The fact that all Hemovent investors participated in this new round, and that 1st Capital Partner is an experienced life sciences investment firm known for investing sizable funds in both early-stage and follow-on rounds, bears strong testimony to the opportunity ahead of us as well as the efficient progress we have been able to make to date. Our investors understand Hemovent’s platform is positioned to disrupt a billion-dollar market. In vivo trials have already validated our platform’s superior blood-handling behavior and efficiency parameters compared to standard ECMO. We expect when Hemovent is available by mid-next year it will immediately drive ECMO usage not only for ECLS but also as an effective therapy for respiratory failure indications including ECCO2R protocols,” CEO Christof Lenz said in a prepared statement.
Last February, Hemovent said it raised $6m in a Series A round to support its portable extra corporeal membrane oxygenation system.