gel-e Inc., a College Park, Md.-based clinical-stage medical device company, raised $3.1m in financing.
Th round was led by early-stage investment funds and life science investors.
The company intends to use the funds to expand its initial U.S. FDA regulatory clearance for the management of bleeding wounds, including vascular access sites (Vascular gel-e®) to a broader hemostatic product line for the treatment of external wounds and to establish cGMP manufacturing of active ingredient.
Led by Larry Tiffany (Chairman of the Board), Matthew Dowling, Ph.D. (Founder and Chief Scientific Officer), Rich Vincent (Chief Financial Officer), Elsa Abruzzo (Head of Regulatory), and Kevin Smith (Executive Vice President of Business Development), gel-e develops a broad range of hemostatic and wound treatment products, including bandages for the treatment of routine cuts and scrapes, foams and putties for traumatic and military injuries, and surgical gels and powders.
Prior to this financing, the company was funded by grants from the National Science Foundation (through the SBIR), the United States Army Research Lab, Maryland Industrial Partnerships, and the Technology Development Corporation (TEDCO).