ALung Technologies said Monday that it has received about $10 million in funding. The investors were not identified. Based in Pittsburgh, ALung Technologies is maker of lung assist devices.
PITTSBURGH–(BUSINESS WIRE)–May 19, 2014
ALung Technologies, Inc., the leading provider of low-flow extracorporeal carbon dioxide removal (ECCO2R) technologies for supporting patients with acute respiratory failure, today announced that it has closed on approximately $10 million in new financing from both new and existing investors. The proceeds will primarily support ongoing commercialization of ALung’s Hemolung Respiratory Assist System (RAS), the world’s first and only low-flow, minimally-invasive ECCO2R system.
The Hemolung RAS provides Respiratory Dialysis®, a simple, minimally invasive form of ECCO2R which serves as an alternative or supplement to mechanical ventilation in critically ill patients suffering from acute respiratory failure. Indications for the device include cases of acute exacerbation of chronic obstructive pulmonary disease (COPD) and acute respiratory distress syndrome (ARDS). Following a successful clinical trial in Germany, and obtainment of European and Canadian regulatory clearances, a controlled launch of the device was initiated in mid-2013. Based on positive market reception, commercial roll-out of the Hemolung RAS has been accelerated in Germany, the United Kingdom, France, Canada, and Australia. The device is currently approved in 29 countries across Europe, the Middle East, and Asia-Pacific.
“These new funds will allow us to accelerate the global commercialization of the Hemolung technology,” said Peter DeComo, Chairman and CEO of ALung. “Our controlled launch process was very successful with the product having been tested and validated by leading physicians at 43 hospitals in 13 countries, and as a result, therapy utilization has increased quarter over quarter. Our offering of a simpler and less-invasive form of extracorporeal lung support has been well received, and we continue to be excited by the clinical results reported by our users.”
“The past year has been an exciting time for ALung, and we appreciate the support of our investors,” added Mr. DeComo. “We see increasing market demand for innovative extracorporeal lung support technologies and believe that the Hemolung RAS is well positioned to meet this important clinical need.”
About the Hemolung RAS
The Hemolung RAS is a dialysis-like alternative or supplement to mechanical ventilation. The system provides Respiratory Dialysis®, a simple, minimally invasive form of extracorporeal carbon dioxide removal (ECCO₂R) and has indications for use in patients with acute respiratory distress syndrome (ARDS) and acute exacerbation of chronic obstructive pulmonary disease (COPD).
About ALung Technologies
ALung Technologies, Inc. is a Pittsburgh-based developer and manufacturer of innovative lung assist devices. Founded in 1997 as a spin-out of the University of Pittsburgh, ALung has developed the Hemolung RAS as a dialysis-like alternative or supplement to mechanical ventilation.
For more information, please visit http://www.alung.com.