ThermalTherapeutic Systems has raised $800,000 toward a round of investment that will fund the commercial launch of its hyperthermic perfusion device.
The portable device, called the VeraTherm, received U.S. Food and Drug Administration clearance in March 2010. The 26-pound device is used to pump heated or unheated fluid into patients’ abdomens or chest cavities.
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Hyperthermic perfusion is sometimes used in treating cancer. The procedure involves a warmed solution containing anticancer drugs that is used to bathe, or is passed through the blood vessels of, the tissue or organ containing a tumor.
Newly hired CEO Gardiner Smith said the Pittsburgh-based company is in the midst of raising a series B round to fund commercialization of the device. A document filed with the U.S. Securities and Exchange Commission said the company was targeting $2 million for the round, but Smith said the amount of equity funding the company raises will likely depend on how well the device sells.
The latest funding comes from existing investors, including Bethlehem, Pennsylvania-based Originate Ventures, which led the company’s $2.75 million series A round in 2009, Smith said.
ThermalTherapeutic is also looking to begin selling the device in international markets, according to Smith.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“The hyperthermic perfusion market is one where the unmet medical need is high, and we believe it’s a largely untapped market,” Smith said.
