BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

ALung Technologies Closes on $14 Million Series A Financing


10/11/2010 6:45:09 AM

PITTSBURGH--(BUSINESS WIRE)-- ALung Technologies, Inc. today announced that the Company has closed a $14 Million Series A financing round. The investment will support ongoing clinical trials of the Hemolung™ Respiratory Assist System and its subsequent commercialization. The Company’s Hemolung device is expected to help many patients with acute respiratory failure to avoid intubation and invasive mechanical ventilation.

The Hemolung Respiratory Assist System is designed to remove carbon dioxide and deliver oxygen directly to the patient's blood via a small catheter, inserted into the jugular or femoral vein, similar to acute kidney dialysis. This treatment is expected to provide a significant benefit over intubation and mechanical ventilation, in that it will allow the patient to talk and eat, and avoid sedation, while giving the lungs the opportunity to heal.

“This financing will allow ALung to complete its clinical trial in Germany and subsequently commercialize the Hemolung System,” said Peter DeComo, Chairman and CEO of ALung. “The ability of the Company to secure this financing in the current economic climate reinforces the potential of the Hemolung technology to help patients heal more quickly while reducing the overall cost of healthcare.”

A pilot study of the device is currently underway in Germany to demonstrate the safety and performance of the device. A US-based pivotal trial to gain FDA clearance will follow. “We are very excited about the early results coming out of our clinical trial in Germany,” said Nicholas Kuhn, Chief Operating Officer at ALung. “We look forward to completing our clinical trial and introducing the Hemolung to physicians and patients in the near future.”

Eagle Ventures, Inc., a Pittsburgh-based private equity firm, led the financing. Participating in the round were Birchmere Ventures, a Pittsburgh-based early-stage venture capital firm, as well as new and existing individual investors.

ALung Technologies, Inc. is a Pittsburgh-based medical device company commercializing artificial lung devices for the treatment of respiratory failure. The Company’s Hemolung™ Respiratory Assist System is designed to replace or supplement the use of invasive ventilators for patients with acute respiratory failure. For more information about ALung and the Hemolung Respiratory Assist System, please visit http://www.alung.com.


Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES