Deal summary reprinted from Strategic Transactions - January 2009
Find out how Ventilation systems maker ALung Technologies has raised $1mm of its planned $2.5mm bridge financing.
ALung Technologies raises $1mm of potential $2.5mm financing
Deal summary reprinted from Strategic Transactions - January 2009
Spun out just over ten years ago by the University of Pittsburgh Medical Center's McGowan Center for Artificial Organ Development, ALung is investigating devices for acute and chronic lung diseases. Its lead candidate Hemolung uses a small catheter inserted into the jugular or femoral vein to deliver oxygen directly to the blood while removing carbon dioxide. The gases are exchanged in an extracorpeal console. The company soon plans to begin clinical trials and believes Hemolung will support patients with breathing problems for seven days. An alternative to mechanical ventilation, ALung's second development-stage device is the Hattler Catheter, which was invented by UPMC's Brack Hattler, MD, PhD, in the 1980s. The end of the catheter, which is inserted through the femoral vein into the vena cava, has a cylindrical bundle of microporous hollow fibers that encounter all the blood flowing back to the heart. The fibers are permeable, allowing oxygen to flow directly into the bloodstream while carbon dioxide diffuses out and into the fibers. Besides the present financing, ALung closed a $450k seed round and received a $100k investment from Innovation Works in 2002.
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