Bio-surgical medical device company LifeBond said today it closed a $27 million Series D equity round, with funds slated to support its flagship LifeSeal surgical sealant.
Funds came from Pitango Venture Capital, Adams Street Partners, Sino Biopharmaceutical Ltd and existing investors, the company said.
“LifeSeal is a novel product that addresses an urgent unmet need that industry has not been able to solve for, until now. The product has the potential to greatly reduce surgical leaks, which are associated with potential infections and other serious complications, risking the lives of hundreds of thousands every year. The company has in recent years made great advances, with compelling pilot clinical results, commercialization prep, and an expanding surgical product line offering, as evidenced by the strong support from the investment community. We are pleased to continue and support, and be part of, the evolution and development of LifeBond,” board chair Ittai Harel said in a press release.
The Caesarea, Israel-based company said funds from the round are slated to support European Union market introduction and commercialization of LifeSeal and a pivotal study of the sealant to support FDA pre-market approval. Funds will also go towards development of the company’s 2nd product, a self fixating mesh called LifeMesh.
“I would like to thank our investors, from Israel, Europe, the Far East, and the U.S. for their strong support, commitment and trust in LifeBond’s technology, strategy and management. Today the success of these many years of hard work is apparent and has clearly been endorsed both by the medical as well as financial community. The technology can be applied to create a nearly endless pipeline of products. And based on the feedback and enthusiasm of leading surgeons worldwide, we have industry confirmation that our technology and products have the potential to effectively fill a large unmet need. Moving forward we plan to methodically continue implementing our existing strategy with the goal of bringing our products to market as soon as possible,” CEO Gideon Sturlesi said in a press release.