ALung Technologies Raises $10 Million
PITTSBURGH, May 19, 2014-- ALung Technologies, Inc., the leading provider of low-flow extracorporeal carbon dioxide removal (ECCO2R) technologies for supporting patients with acute respiratory failure, today announced that it has closed on approximately $10 million in new financing from both new and existing investors. The proceeds will primarily support ongoing commercialization of ALung’s Hemolung Respiratory Assist System (RAS), the world’s first and only low-flow, minimally-invasive ECCO2R system.
The Hemolung RAS provides Respiratory Dialysis®, a simple, minimally invasive form of ECCO2R which serves as an alternative or supplement to mechanical ventilation in critically ill patients suffering from acute respiratory failure. Indications for the device include cases of acute exacerbation of chronic obstructive pulmonary disease (COPD) and acute respiratory distress syndrome (ARDS). Following a successful clinical trial in Germany, and obtainment of European and Canadian regulatory clearances, a controlled launch of the device was initiated in mid-2013. Based on positive market reception, commercial roll-out of the Hemolung RAS has been accelerated in Germany, the United Kingdom, France, Canada, and Australia. The device is currently approved in 29 countries across Europe, the Middle East, and Asia-Pacific.
“These new funds will allow us to accelerate the global commercialization of the Hemolung technology,” said Peter DeComo, Chairman and CEO of ALung. “Our controlled launch process was very successful with the product having been tested and validated by leading physicians at 43 hospitals in 13 countries, and as a result, therapy utilization has increased quarter over quarter. Our offering of a simpler and less-invasive form of extracorporeal lung support has been well received, and we continue to be excited by the clinical results reported by our users.”
“The past year has been an exciting time for ALung, and we appreciate the support of our investors,” added Mr. DeComo. “We see increasing market demand for innovative extracorporeal lung support technologies and believe that the Hemolung RAS is well positioned to meet this important clinical need.”
About the Hemolung RAS
The Hemolung RAS is a dialysis-like alternative or supplement to mechanical ventilation. The system provides Respiratory Dialysis®, a simple, minimally invasive form of extracorporeal carbon dioxide removal (ECCO₂R) and has indications for use in patients with acute respiratory distress syndrome (ARDS) and acute exacerbation of chronic obstructive pulmonary disease (COPD).
About ALung Technologies
ALung Technologies, Inc. is a Pittsburgh-based developer and manufacturer of innovative lung assist devices. Founded in 1997 as a spin-out of the University of Pittsburgh, ALung has developed the Hemolung RAS as a dialysis-like alternative or supplement to mechanical ventilation.
For more information, please visit http://www.alung.com.
This press release may contain forward-looking statements, which, if not based on historical facts, involve current assumptions and forecasts as well risks and uncertainties. Our actual results may differ materially from the results or events stated in the forward-looking statements, including, but not limited to, certain events not within the Company’s control. Events that could cause results to differ include failure to meet ongoing developmental and manufacturing timelines, changing GMP requirements, the need for additional capital requirements, risks associated with regulatory approval processes, adverse changes to reimbursement for the Company’s products/services, and delays with respect to market acceptance of new products/services and technologies. Other risks may be detailed from time to time, but the Company does not attempt to revise or update its forward-looking statements even if future experience or changes make it evident that any projected events or results expressed or implied therein will not be realized.
Scott Morley, +1-412-697-3370
Vice President of Marketing and Clinical Affairs
Venture Capital Database
Venture Capital Deals Spreadsheet