Celleration, Inc. Closing in on $7 Million Round of Funding
1/15/2013 8:09:36 AM
Wound-healing med-tech firm Celleration Inc. is close to wrapping up a $7 million round of financing as it expands product sales into the U.K. The Eden Prairie-based company makes a device called Mist Therapy, which uses ultrasonic waves to treat stubborn-to-heal wounds such as diabetic foot ulcers. Celleration’s technology emits ultrasonic vibrations and delivers a mist to injured tissue. The mist removes bacteria and stimulates cells, helping wounds heal. The treatment is painless, and it targets wounds in the lower extremities. Celleration raised its recent round of financing from previous investors and high net-worth individuals, said Celleration CEO Mark Wagner. The company’s past investors include Minneapolis-based venture-capital firm SightLine Partners, Cedar Rapids, Iowa-based Aavin Equity Advisors, Minneapolis-based Affinity Capital Management, and Chicago-based Baird Venture Partners. The fund-raising environment for med-tech firms is challenging, partly due to a new excise tax on medical devices that went into effect this year, Wagner said. The company succeeded partly due to its device’s long track record, as Mist has now been used to treated one million patients, he said.