Medcura, a Riverdale, MD-based developer of hemostatic products for use in surgery, closed a $22.4m in in convertible debt.
Backers were not disclosed.
The company intends to use the funds to accelerate the development of its lead surgical product, the LifeGel™ Absorbable Hemostatic Gel.
Led by CEO Jim Buck, and Executive Chair Larry Tiffany, Medcura is a commercial-stage medical device company developing versatile hemostatic products serving large surgical, medical, and consumer market opportunities. Its proprietary technology platform combines the use of safe, inert ingredients with patented chemistries, all aimed at introducing products capable of safely and effectively controlling bleeding across a broad spectrum of clinical applications.
Its surgical gels, foams, powders, and textiles are designed to quickly stop bleeding in surgery, at trauma centers, on the battlefield, and at home.
Medcura received the first and only FDA Breakthrough Device Designation for use in managing surgical hemostasis based on the no-swell characteristic of LifeGel, intended to be first approved for use in the confined spaces of spinal surgery. The company’s LifeFoam™ is also a recipient of an FDA Breakthrough Device Designation.
Commenting on the news, Jim Buck said: “We remain highly encouraged by the continued momentum and pace of successes around our Life™ platform of innovative surgical hemostatic agents. Our new and existing investor partners understand, and are aligned with, the Company’s strategy to seismically transform the $2.8 billion worldwide biosurgery market for hemostatic agents. This funding support is timely and crucial to further advance our progress into a pivotal clinical trial and global commercialization of the platform’s lead product, LifeGel.”
FinSMEs
03/04/2024