Neomend, Inc., an Irvine, CA-based company focused on the design, development and commercialization of surgical sealants and adhesion prevention products derived from its ProGEL technology platform, has completed a $30m funding round.
The round was led by Clarus Ventures, LLC, which invested $17m, with participation from existing major investors including Sanderling Ventures, Novo Ventures, Vivo Ventures, and Prospect Venture Partners.
Commenting on the financing, David Renzi, President and CEO of the company, was reported to say: “This new funding will move Neomend toward cash flow break-even, as we also pursue approvals for other applications of ProGEL”.
ProGEL is a hydrogel polymer sealant consisting of two components: human serum albumin and a cross-linking component of polyethylene glycol. When they are mixed together, a rapid reaction occurs that creates a hydrogel matrix which results in the formation of a strong, adherent and flexible seal.
In conjunction with the round, medical device industry veteran David Clapper will join the company’s board of directors.