Medical device company Chesson Labs has raised $1.45 million in a second round of financing targeting $2 million.
The Durham, North Carolina company disclosed the new financing in an amended securities filing. The current round of financing started in 2009, shortly after the company received 510(k) clearance on its liquid bandage product from the U.S. Food and Drug Administration. Chesson had previously raised $3.3 million in a series A round that closed in 2008.
The liquid bandage Nuvaderm was cleared for use in superficial cuts and scrapes. Chesson also has a similar product for animals called Nuvavet. Research firm Global Markets Direct forecasts the global market for wound care management will top $17 billion by 2015, up from about $13 billion in 2008.
In July, Chesson entered into a marketing and distribution agreement with Beeken BioMedical. Chicago-based Beeken is also marketing a product developed by another North Carolina company. Research Triangle Park-based Entegrion earlier this year signed a deal allowing Beeken to market Stasilon, a bandage that promotes clotting of the blood.
The liquid bandage technology of Chesson is built on the work of Jerry Chesson, who founded the company based on his research and knowledge of polymers. Chesson has also developed a topical product to manage Onychomycosis, or toenail fungus. Chesson’s product is a polymer applied to the toenail in liquid form.
The toenail fungus treatment, called Liquicure, received clearance from European regulators earlier this year. FDA clearance is still pending. A Chesson product for toenail fungus would challenge Lamisil from Novartis (NYSE:NVS) and Penlac from Sanofi-aventis (NYSE:SNY). Patents on both of those products have expired.
