Local biotech firm raises $36M in round led by Philips, UPMC

ALung Technologies Inc., a Pittsburgh-based developer of an artificial lung device, has closed on $36 million in a Series C financing round led by Philips and UPMC, its largest capital raise to date. The money will support a U.S.-based pivotal trial for Food and Drug Administration approval of ALung’s Hemolung Respiratory Assist System. Both UPMC, which invested through its innovation and commercialization arm UPMC Enterprises, and Philips will offer resources and expertise to support ALung ’s…
Source: bizjournals.com Health Care:Pharmaceuticals headlines - Category: Pharmaceuticals Authors: Source Type: news