ALung Technologies, a medtech company that develops breathing assistance devices, has raised $36 million in a Series C financing round. The round was led by Philips and UPMC, with participation from new and existing investors including Abiomed, The Accelerator Fund, Allos Ventures, Birchmere Ventures, Blue Tree Ventures, and Riverfront Ventures.
ALung Technologies is a developer and manufacturer of lung assistance devices. The company has developed a product called the Hemolung RAS, which acts as a dialysis-like alternative, or supplement to mechanical ventilation.
The company plans to use the new funding to support a US-based pivotal trial for FDA approval of the company’s Hemolung Respiratory Assist System (RAS), a minimally invasive artificial lung device which removes carbon dioxide independently of the lungs through a process called Respiratory Dialysis®.
In 2015, the Hemolung RAS was granted Expedited Access Pathway (EAP) designation by the FDA, allowing ALung to collaborate more closely with the agency towards bringing the Hemolung technology to the United States.
“Since 2013, hundreds of patients with acute respiratory failure have been successfully treated with the Hemolung RAS outside of the United States,” said Peter DeComo, ALung Chairman and CEO in a statement. “With this new financing, we will be able to conduct our US-based clinical trial, an important step towards obtaining FDA approval and making our device available to patients in the United States. We are grateful to Philips, UPMC, and our many other investors for their commitment to ALung and the numerous patients who stand to benefit from our technology.”
Read more: Business Wire (Press release)