ALung closes $36m Series C

Artificial lung-like device developer ALung Technologies said today it closed a $36 million Series C financing round, with funds slated to support a US pivotal trial of its Hemolung respiratory assist system as it pursues FDA approval. The Pittsburgh, Penn.-based company is developing the Hemolung device, an extracorporeal carbon dioxide removal system that works by removing carbon dioxide and delivering oxygen directly to a patient’s blood via a small catheter inserted into the jugular or femoral vein. The funding round was led by Royal Philips (NYSE:PHG) and UPMC and joined by Abiomed (NSDQ:ABMD), The Accelerator Fund, Allos Ventures, Birchmere Ventures, Blue Tree Ventures and Riverfront Ventures. “Since 2013, hundreds of patients with acute respiratory failure have been successfully treated with the Hemolung RAS outside of the United States. With this new financing, we will be able to conduct our US-based clinical trial, an important step towards obtaining FDA approval and making our device available to patients in the United States. We are grateful to Philips, UPMC, and our many other investors for their commitment to ALung and the numerous patients who stand to benefit from our technology,” ALung CEO & chair Peter DeComo said in a press release. As part of the funding round, Philips patient care & monitoring systems chief medical officer Dr. Adam Seiver and UPMC’s Jeanne Cunicelli will join ALung’s board of directors, the company said....
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Respiratory Abiomed Inc. ALung Technologies Inc. Royal Philips Source Type: news