ALung Technologies Closes on $14 Million Series A Financing
Published: Oct 11, 2010
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.