Nerites Corporation Announces Closing of Series A Funding Round
Published: Feb 15, 2008
MADISON, Wis., Feb. 15 /PRNewswire/ -- Nerites Corporation, a company that develops novel tissue repair products and coatings for medical devices, today announced it has completed a $5.7 million Series A round of funding. Venture Investors LLC of Madison, Wisconsin, with participation by Black Mountain Ventures of Foster City, California, led the investment. Previously, Nerites had raised $3 million from private investors.
The company will use the funding to refine product development plans, begin product development and expand its business development plan for bringing the first tissue adhesive products on to the market.
"Early on, we benefited from very visionary private investors who allowed us to explore applications for our products and prove their effectiveness in a wide variety of settings," said Thomas J. Mozer, PhD, CEO and President of Nerites Corporation. "This funding will allow us to focus and accelerate development of applications for a handful of strategically chosen markets that represent tremendous investment opportunities and have a need for our breakthrough tissue adhesive technology."
"We believe Nerites' technology has the potential to address major unmet medical needs in a broad array of applications in significant growing markets. As we've gotten to know the technology and team, we've been impressed with the company's progress in developing prototype products for specific applications. We believe this is breakthrough technology that has the potential to provide performance superior to the best tissue adhesives, sealants and coatings in use now or out on the horizon," commented George Arida, Managing Director of Venture Investors.
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. (http://www.nerites.com)
CONTACT: Thomas J. Mozer, Ph.D., CEO, President of Nerites Corporation,
Web site: http://www.nerites.com/