Cohera Medical, a leading innovator and developer of absorbable surgical adhesives and sealants, announced today that it has secured over $8.4 million towards the Series D financing through private investors.
The Company will use the funds to expand adoption in Germany and additional European markets for its lead product, TissuGlu® Surgical Adhesive. The funds will also be used to support the clinical trials for TissuGlu in the United States, as well as the development and advancement of pipeline products, including FlexSil™ Surgical Sealant, an innovative surgical sealant for bowel repair with a billion dollar market potential.
“Cohera Medical has done a remarkable job of attracting world-class plastic and reconstructive surgeons in Germany who are successfully using TissuGlu,” said John C. Kern, Founder and General Partner of Kern Whelan Capital, LLC, and Manager of Kern Medical III. We are excited that Cohera is also pursuing the development of FlexSil, a unique and proprietary bowel sealant with over a billion dollar market potential. Both first-of-its-kind technologies represent very attractive investment opportunities.”
“The convertible note portion of the Series D round is a reflection of our investor’s confidence that we continue to meet our key milestones, including the start of our clinical trial for TissuGlu in the U.S.,” said Patrick Daly, President and CEO of Cohera Medical. “I believe that Cohera Medical is at the forefront of bringing some of the most exciting surgical products to market that have the potential to change the way patients recover from so many types of large flap procedures — from abdominoplasties and mastectomies to lymph node dissection in cancer patients, bowel procedures and reconstruction of sternal defect in open-heart surgery.”
Cohera Medical recently received CE Marking approval for TissuGlu and began selling product to hospitals and surgeons in Germany in September 2011. The Company plans to expand the commercial availability of TissuGlu to additional European markets in 2012. TissuGlu has been used successfully in over 450 surgical procedures in Germany by leading plastic and reconstructive surgeons. The product is currently undergoing clinical trials in the U.S. and is covered by 61 issued and pending patents worldwide.