French health care giant Sanofi (NYSE:SNY) signed a definitive agreement to acquire hydrogel maker Pluromed for an undisclosed amount.
Sanofi plans to commercialize Woburn, Mass.-based Pluromed’s LeGoo polymer plug, an injectable gel used during surgical procedures in place of a clamp or snare.
The FDA approved a surgical gel designed to temporarily stop blood flow during procedures.
The water-soluble, low-viscosity gel designed by Woburn, Mass.-based Pluromed forms a plug at body temperature to temporarily stent blood vessels without damaging them.
Pluromed Inc. raised $1.1 million, nearly a third of its $3.9 million Series C goal, from a group of 16 un-named investors.
The Woburn, Mass.-based company has netted nearly $8.3 million so far, about $2.5 million from its Series A round and $4 million and $741,000 from two Series B tranches, according to filings with the federal Securities and Exchange Commission.