Jan 28 2010
Neomend,
Inc., an innovator in sealant and adhesion-prevention products for the
surgical marketplace, announced today it has completed a funding round
of $30 million, with Clarus
Ventures, LLC investing $17 million.
“This new funding is once again recognition of the value of our ProGEL
platform technology. In addition to thoracic surgery, ProGEL has
potential applications in spinal, gynecological and general surgery, as
well as in adhesion prevention”
Also joining the Series D funding round were the other major investors
in Neomend: Sanderling Ventures, Novo Ventures, Vivo Ventures, and
Prospect Venture Partners.
“We are extremely pleased by the level of support we’ve received from
Clarus and our current investors who are knowledgeable leaders in the
medical device investment community,” said David Renzi, President and
CEO of Neomend.
“This new funding is once again recognition of the value of our ProGEL
platform technology. In addition to thoracic surgery, ProGEL has
potential applications in spinal, gynecological and general surgery, as
well as in adhesion prevention,” Renzi said. “This new funding will move
Neomend toward cash flow break-even, as we also pursue approvals for
other applications of ProGEL.”
Said Emmett Cunningham, M.D., Ph. D., a partner at Clarus Ventures:
“Neomend has a breakthrough, first-in-class pleural sealant, which,
together with the ProGEL
platform technology, will address a number of important surgical
indications. The company has a great team and strong investment group
already in place, and fits very well with our strategy in the med-tech
and device space of investing in highly promising later-stage companies.”
Timothy Mills, Ph.D. a managing director at Sanderling Ventures, noted:
“Within the same month, Neomend has also received FDA premarket approval
for a thoracic surgery application of ProGEL Pleural Air Leak Sealant.
These two developments perfectly position the company for multiple
product launches tied to this unique biomaterial. Sanderling has been a
strong supporter of Neomend in part because of ProGEL’s unique
properties, which make it an extremely robust adhesive that is also
bioabsorbable.”
ProGEL is a hydrogel polymer sealant consisting of two components: human
serum albumin and a cross-linking component of polyethylene glycol. When
they are mixed together, a rapid reaction occurs that creates a hydrogel
matrix which results in the formation of a strong, adherent and flexible
seal.
The company also announced it has added medical device industry veteran David
Clapper to its Board of Directors. Clapper served as President and
CEO of SurgRx, Inc., a medical device manufacturer, until SurgRx's
acquisition by Ethicon Endo-Surgery. He sits on several other company
boards and also previously headed Novacept until its acquisition by
Cytyc Corp. (now owned by Hologic, Inc.).
Source Neomend, Inc.