Carbylan BioSurgery Inc., a Palo Alto, Calif.-based developer of bioresponsive devices for osteoarthritis and chronic rhinosinusitis, has raised $20 million in Series B funding. Vivo Ventures led the deal, and was joined by return backers Alta Partners and InterWest Partners. Carbylan raised a $7.9 million Series A round in late 2005.
Carbylan BioSurgery, Inc., a medical device company focused on development of bioresponsive medical products for osteoarthritis and chronic rhinosinusitis, today announced the closing of a $20 million Series B preferred stock financing. The financing was led by Vivo Ventures and included existing investors Alta Partners and InterWest Partners. In connection with the financing, Albert Cha, MD PhD, Managing Partner at Vivo Ventures, will join Carbylan's board of directors.
Proceeds from this round of financing will be used to advance Carbylan's lead product candidates based on chemically engineered polymers of hyaluronic acid. Carbylan's proprietary technology allows delivery of biomaterial-based medical devices as injectable liquids that self-polymerize, covalently bind to tissues at the target delivery site and, when combined with appropriate therapeutic agents, uniquely enable controlled drug release. The Company currently is conducting post-approval clinical studies for its first product AdvaCoat