Nerites Corporation Announces Closing Of Finance Round: $3 Million Raised In 2 Years

Published: Oct 09, 2006

MADISON, Wis., Oct. 9 /PRNewswire/ -- Nerites Corporation announced today that it has closed a new round of financing, bringing the total raised to $3 million in two years.

"The funding has allowed us to solidify corporate relationships, develop scientific partnerships, and begin working directly with clinicians for the use of our products," said Thomas J. Mozer, Ph.D., CEO and President of Nerites Corporation. "We are building momentum and this is great for clinicians and great for the investment community."

In addition to raising $3 million over the past two years, Nerites has proven that its tissue adhesives will bind tissues together in aqueous environments, including body fluids such as blood. Nerites has also proven that its medical device coatings block bacterial adhesion to the device surface for prolonged periods of time. In both the case of tissue adhesive and device coatings, Nerites is implementing animal tests to verify these results. In these studies, the company's tissue adhesives will be used to close surgical incisions and the device coatings will be shown to reduce the likelihood of bacterial infections at the site of medical implants. The successful completion of these animal studies will then lead to human trials.

Nerites has formed strategic alliances, including an agreement with the Minneapolis-based Midwest Orthopaedic Research Foundation (MORF) to co-develop Nerites proprietary technologies for use as surgical adhesives and implant coatings. Under the agreement, Nerites and MORF will jointly evaluate and develop the Nerites SurPhys(TM) antifouling coating technologies for medical devices and their Medhesive(TM) aqueous-compatible adhesives for internal tissue applications. The collaboration will bring together Nerites world class polymer scientists and MORF's extensive biomechanical and clinical expertise in Orthopaedic surgery.

About Nerites: Nerites Corporation develops novel tissue repair products as well as advanced coatings for implanted medical devices and device uses on skin based on unique "wet" adhesive compounds. These synthetic compounds are based upon research by Dr. Phil Messersmith at Northwestern University's Department of Biomedical Engineering on how marine mussels bind to surfaces underwater, are a breakthrough advance in biologically-compatible adhesives that provide completely new options for tissue repair, skin adhesives, and device coatings. Nerites is based in Madison Wisconsin. (

Nerites Corporation

CONTACT: Thomas J. Mozer, Ph.D., CEO/President of Nerites Corporation,

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