ALung Technologies, Inc., a Pittsburgh, PA-based developer of advanced respiratory products, has closed a $10m Series B financing round.
Backers include existing shareholders, co-investors of Eagle Ventures, and Birchmere Ventures.
The company intends to use the funding for the continued commercialization of its flagship product, the Hemolung® Respiratory Assist System (RAS).
Led by Chairman and CEO Peter DeComo, ALung Technologies develops and manufactures innovative lung assist devices expected to allow patients to avoid intubation and invasive mechanical ventilation in many cases. Its Hemolung Respiratory Assist System (RAS), originally developed at the University of Pittsburgh, provides partial respiratory assistance to patients in acute respiratory failure. It removes carbon dioxide and delivers oxygen directly to the blood, allowing the patient’s lungs to rest and heal.
The company recently completed a 20-patient clinical trial of the Hemolung RAS in Germany, whose results are currently being reviewed by regulators as part of the application for European marketing clearance known as the CE mark.