Fresh off receiving European regulatory approval for its tissue glue for tummy-tuck surgeries, Cohera Medical has raised more equity toward a series C round that could reach as high as $28 million.
The company had been planning for $25 million for the round, but substantial investor interest may push the number higher, CEO Patrick Daly said. Daly expects the round to close next month.
Cohera recently filed a regulatory document indicating it had raised $6.25 million toward the round.
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Cohera in September received the CE Mark for its TissuGlu surgical adhesive and said it planned to commence sales in Germany shortly thereafter. The company expects to begin its first U.S. clinical trials early next year, with the hopes of getting the product on the U.S. market within two or three years.
TissuGlu is designed to minimize fluid accumulation and other problems associated with abdominoplasty, or “tummy-tuck” surgeries. Patients who undergo tummy tucks require the insertion of drains to remove fluids that accumulate under the skin, but sometimes excess fluid still accumulates, necessitating another surgery.
TissuGlu is intended to strongly adhere to the skin that’s cut during surgery, reducing the amount of collected fluid and the time that drains need to be inserted, according to Cohera.
The product’s value proposition is that there has never been a medical adhesive as strong as TissuGlu that’s also nontoxic and absorbed by the body, said Dr. Peter Rubin, associate professor at the University of Pittsburgh and chief of the medical school’s division of plastic and reconstructive surgery. Rubin is a paid medical consultant for Cohera, the Pittsburgh Tribune-Review reported.
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TissuGlu is based on technology developed at the University of Pittsburgh.
Cohera raised a $6.8 million series A round from private investors in 2006 and followed that with a $16.1 million series B round in 2008.
In addition to TissuGlu, Cohera is developing two other products: a bowel sealant for use after bowel-repair surgeries and an adhesive for hernia mesh fixation.
Photo from flickr user isafmedia
