PITTSBURGH, Oct. 17 /PRNewswire/ -- Cohera Medical Inc. today announced it has secured $16.1 million in a Series B financing for the ongoing development of TissuGlu(R), a novel surgical adhesive for application in plastic surgery.
The financing, which was led by Bradford Capital Partners, included participation from existing investors led by Kern Whelan Capital, LLC. The angel financing provides the company with sufficient capital to advance TissuGlu into clinical trials, which are expected to begin early next year.
"Kern Whelan Capital is delighted to support this second round of financing by doubling our initial investment," said Jay Kern, operating partner. "We believe there is a huge market potential in many applications for Cohera's products."
"TissuGlu has great promise in tummy tuck and other plastic surgery indications," said Marty Calihan, partner, Bradford Capital Partners. "Moreover, the company's core technology has significant potential for other uses, including mesh fixation and orthopedic applications. We view Cohera Medical's unique lead product and technology chassis as having tremendous potential to meet multiple needs of surgeons and their patients for which there are few options today."
Patrick Daly, chief executive officer of Cohera Medical, said "Our closing of this significant angel financing round in the current economic environment is a testament to the potential of our surgical adhesive technology. The financing gives us the capital to move forward with our clinical program for TissuGlu and affords us the opportunity to continue development of our other products."
About Cohera Medical
Cohera Medical Inc. is a Pittsburgh-based company that is developing a revolutionary line of wound management products and surgical adhesives. Cohera Medical's products are based on a unique chemical design that is purely synthetic, easy to use, biocompatible and fully resorbable. The company's lead product in development, TissuGlu, is a sprayable bonding agent for plastic surgery procedures. TissuGlu adheres flaps of tissue after surgical procedures, eliminating the spaces where fluid accumulates and reducing wound drainage. Cohera Medical is also developing surgical adhesives targeting mesh fixation and small bone fixation, which will fill similar market needs in both orthopedics and general surgery. For more information, visit http://www.coheramed.com. TissuGlu and the other Cohera products have not yet been approved for medical use by the Food and Drug Administration (FDA) in the U.S. or by any other country's regulatory authority.
Certain statements made throughout this press release that are not historical facts contain forward-looking statements regarding the company's future plans, objectives and expected performance. Any such forward-looking statements are based on assumptions that the company believes are reasonable, but are subject to a wide range of risks and uncertainties and, therefore, there can be no assurance that actual results may not differ materially from those expressed or implied by such forward-looking statements.
|SOURCE Cohera Medical, Inc.|
Copyright©2008 PR Newswire.
All rights reserved