ALung Technologies Raises $10M in Series B Financing
PITTSBURGH–(BUSINESS WIRE)–ALung Technologies, Inc., a leading developer of advanced respiratory products, announced today that it has closed a $10 million Series B financing round. The investment will support the continued commercialization of ALung’s flagship product, the Hemolung® Respiratory Assist System (RAS), which provides partial respiratory assistance to patients in acute respiratory failure. The device is expected to allow patients to avoid intubation and invasive mechanical ventilation in many cases.
“We recently completed a 20-patient clinical trial of the Hemolung RAS in Germany and found the results to be very encouraging,” said Peter DeComo, Chairman and CEO of ALung Technologies. The results of the trial are currently being reviewed by regulators as part of the Company’s application for European marketing clearance known as the CE mark. “Completing the clinical trial and regulatory filing for the CE mark were significant achievements for our company last year. Our ability to secure this latest financing in a period of just four months reflects the confidence of our investors in the potential of the Hemolung RAS to make a real difference in the lives of patients suffering from acute respiratory failure.”
Participants in the financing included existing shareholders, co-investors of Eagle Ventures, and Birchmere Ventures. “We continue to be very excited about ALung and the Hemolung technology,” said Gary Glausser, Partner at Birchmere Ventures, a Pittsburgh-based early-stage venture capital firm that bolstered its investment in ALung through the Series B round. “The Hemolung device is the first truly new option for patients with acute respiratory failure in many years and ALung continues to make great progress toward commercializing the product.”
About ALung Technologies, Inc.
ALung Technologies, Inc. is a Pittsburgh-based developer and manufacturer of innovative lung assist devices. ALung is commercializing the Hemolung Respiratory Assist System (RAS), a dialysis-like alternative or supplement to mechanical ventilation originally developed at the University of Pittsburgh. The Hemolung RAS removes carbon dioxide and delivers oxygen directly to the blood, allowing the patient’s lungs to rest and heal. A simple extracorporeal circuit, small venous catheter, and techniques similar to hemodialysis make the Hemolung RAS easy to use. The Hemolung RAS is currently an investigational device, and is not yet available for sale in any market.
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This press release may contain forward-looking statements, which, if not based on historical facts, involve current assumptions and forecasts as well as risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company’s control. Events that could cause results to differ include failure to meet ongoing developmental and manufacturing timelines, changing GMP requirements, the need for additional capital requirements, risks associated with the FDA/regulatory approval process, adverse changes to reimbursement for the Company’s products/services, and delays with respect to market acceptance of new products/services and technologies. Other risks may be detailed from time to time but the Company does not attempt to revise or update its forward-looking statements even if future experience or changes make it evident that any projected events or results expressed or implied therein will not be realized.
ALung Technologies, Inc.
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