Healthcare Industry News: surgical sealant
News Release - April 23, 2008
Adhezion Biomedical Completes Series A FinancingOriginate Ventures Invests $3 Million
READING, Pa.--(HSMN NewsFeed)--Adhezion Biomedical today announced that it has raised $3 million in a Series A financing. The financing was from Originate Ventures, a Bethlehem-based venture capital firm that invests in early stage, high-growth companies. Adhezion Biomedical, formerly Spartan Medical Products, LLC, is a provider of medical adhesive (cyanoacrylate-based) products that bond or protect human tissue.
Adhezion Biomedical has a proprietary formulation to either bond skin tissue, replacing sutures, staples and bandages, or be a protective barrier to prevent infection as an anti-microbial surgical sealant. The products require no refrigeration nor blending, dry faster, and are very flexible. Surgeons and patients are particularly interested in these products because they are both durable and biodegradable. They are sold under the SurgiSeal™ and FloraGuard™ brands; targeted to surgeons, physicians and skin specialists.
“Our patented OctylFlex™ ingredient can be used in an extremely wide array of topical product applications, addressing skin lacerations, incisions and plastic surgery,” said Company CEO Pete Molinaro. “The trend toward less disruptive, more natural healing solutions is well-documented in Europe and Asia. Plus, we have made considerable progress in obtaining the necessary regulatory registrations, including FDA approval for an OTC version product, and CE Mark approval for two products for Europe. We’re very excited about the future.”
“With the recent regulatory approvals in place, we expect our investment to accelerate global distribution and further value-added product development investments,” said Mike Gausling, a Managing Partner of Originate Ventures.
About Adhezion Biomedical
Adhezion Biomedical is a privately held company whose mission is to be the leading provider of cyanoacrylate-based medical adhesive, wound care and microbial barrier products for connective tissue (human skin). The 2-octyl cyanoacrylate-based formulations are developed and produced in its FDA-approved facility, located in Hudson, NC. Pete Molinaro has an extensive background in commercializing products and a deep knowledge of the medical distribution channels. He also serves on the board of Ben Franklin Technology Partners of Northeastern Pennsylvania, a highly successful technology economic development initiative. Adhezion Medical recently received 510(k) and CE Mark approval for its core products, which are currently in distribution.
About Originate Ventures
Originate seeks to make venture capital investments in high growth-oriented companies located in eastern Pennsylvania and the surrounding region.
Originate plans to make investments of $500,000 to $4 million in a broad range of early stage and emerging growth-oriented companies with proprietary, technology-based products and services with capital-efficient business models. Investments will concentrate on medical devices, healthcare, diagnostic, consumer, web-based, and certain commercial products and/or product distribution opportunities. While the Fund will primarily focus on identifying early stage and emerging-growth companies, it will also consider building a management team around a product idea, investing in certain distressed and turnaround situations, and management buyouts. Originate expects to operate with an entrepreneurial and opportunistic style and it will invest in companies at various stages of development and when there is substantial opportunity to build shareholder value for the Fund and its investors.
Media interviews or inquiries can be scheduled with the CEO by contacting Shannon Morin at (610) 866.5588 or email@example.com.
P.O. Box 6706
Wyomissing, PA 19610
Source: Adhezion Biomedical
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