Artificial lung dev Breethe raises $3m

Artificial lung developer Breethe raised approximately $3 million in an equity financing round, according to an SEC filing posted late last month. Funds raised during the round will cover the sales and issuance of Series Seed-4 preferred stock and the underlying common stock convertible from it, according to the filing. The Baltimore-based company is developing the Oxy-1 ambulatory artificial lung system which is designed for home use for patients who suffer from acute and chronic lung failure, according to its website. The system includes a portable pack, which contains the unit’s batteries, oxygen source and pump motor and controller, a pump-lung unit which it anticipates will need to be replaced every 30 days and a blood cannula connection to the heart. Breethe was formed in 2014 as a spin-out from the University of Maryland, Baltimore, utilizing licensed technology from the University. A total of 22 anonymous investors joined the $3 million round, according to the filing, with the first sale date recorded on December 13. The company is not looking to raise any more funds in the round and hasn’t officially announced the round outside the SEC filing. The post Artificial lung dev Breethe raises $3m appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Respiratory breethe Source Type: news