PITTSBURGH, Aug. 10 /PRNewswire/ -- Cohera Medical, Inc., a rapidly growing medical device company that intends to commercialize novel surgical adhesives, announced today that it has closed its Series A financing round for $6.79 Million. The proceeds of this transaction are anticipated to support the growth of the company through Phase I clinical trials for its lead product, TissuGlu(TM).
TissuGlu(TM) is a strong, biodegradable surgical adhesive based on a novel technology developed at the University of Pittsburgh by Drs. Eric Beckman and Michael Buckley. With the support of the Pittsburgh Life Sciences Greenhouse and Innovation Works, Cohera Medical spun out of the University in January of 2006 to commercialize TissuGlu(TM) and a suite of other related products.
“Obtaining private investment at this level represents a significant achievement for Cohera,” said Patrick Daly, President and CEO of Cohera Medical. “The combination of a promising technology with a talented and committed team has made Cohera an attractive opportunity for investors. We expect to maintain the momentum and energy we have created over the last six months, and look forward to introducing TissuGlu(TM) to the surgical community.”
“This investment represents one of the largest Series A angel financings achieved by any life sciences company in the Pittsburgh region,” said Dr. Doros Platika, President and CEO of the Pittsburgh Life Sciences Greenhouse. “It demonstrates what can be achieved through effective partnerships when an investment opportunity combines superb technology with a clear commercialization plan, identifiable milestones and an outstanding management team.” Dr. Platika continues, “Cohera has enormous potential to be a homerun for its investors, founders and the region and represents valuable confirmation that our efforts to build the regional life sciences industry are succeeding!”
About Cohera Medical, Inc.
Cohera Medical, Inc. is a Pittsburgh-based medical device company that intends to commercialize biodegradable surgical adhesives. Cohera’s first product, TissuGlu(TM), under development, is an easy-to use, strong and resorbable polymer adhesive aimed at fulfilling the market demand for a strong, safe tissue adhesive that will improve the wound closure process by positioning tissues for optimal healing while minimizing fluid accumulation. The flexibility of Cohera’s proprietary chemistry supports a family of products with differences in strength, set time and resorption rate that Cohera believes will meet the varying specific demands and requirements of the market.
Cohera Medical, Inc.
CONTACT: Dottie Clower, PhD, Director of Business Development of CoheraMedical, Inc., +1-412-325-1505, or dclower@coheramed.com; or Tim O’Brien ofO’Brien Communications, +1-412-854-8845, for Cohera Medical, Inc.
