PITTSBURGH, May 7 /PRNewswire/ -- Cohera Medical, Inc., a rapidly growing medical device company developing a suite of wound management systems and surgical adhesives, announced today that it has closed an insider round of financing for over $7.6 Million. The proceeds of this transaction will support the growth of the company through pilot clinical trials for its lead product, TissuGlu(R), a strong, resorbable surgical adhesive, as well as pre-clinical development of Cohera's product pipeline.
"Cohera has generated significant value since our last financing and this is reflected in the strong support from our shareholders," said Patrick Daly, President and CEO of Cohera Medical. "The team at Cohera is focused on developing world class products that improve patient care and we are excited about the future of the Company."
"As Cohera's largest investor through our affiliate Kern Medical, LLC, we are delighted to once again lead its investment round," said Jay Kern, Founder and General Partner of Kern Whelan Capital, LLC, and Manager of Kern Medical II. "Strong participation by existing investors in this financing reflects the significant accomplishments that Patrick and his team have made in developing Cohera's revolutionary line of adhesive products."
Cohera Medical, Inc. has made significant progress in developing its lead product TissuGlu(R) since the closing of the series A financing in July 2006. "The success of the insider round proves the faith and confidence existing investors have in the future of Cohera and the value created since the last round," said Dr. Doros Platika, Chairman of the Board for Cohera Medical. "This is further evidence that when outstanding technology is combined with a superb management team and a deep Board of Directors, a medical technology company can successfully thrive in Pittsburgh and attract capital from throughout the nation."
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|SOURCE Cohera Medical, Inc.|
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