We are pleased to have a strong group of investors who continue to provide support and guidance as we build the value of Pluromed
Woburn, MA (PRWEB) July 17, 2008
Pluromed, Inc., a private medical device company that is pioneering atraumatic temporary vascular occlusion, announced today that it closed a $4.0M Series B financing from private investors, including 7 current and former CEOs of U.S. medical device companies. The offering was oversubscribed.
"We are pleased to have a strong group of investors who continue to provide support and guidance as we build the value of Pluromed", says Jean-Marie Vogel, Pluromed co-founder and CEO.
Pluromed's lead product, LeGoo™ temporary vascular occluder, is already approved for human use in Europe. Vogel summarizes the feedback he is getting from European surgeons using LeGoo™ in their clinical practice as follows: "For years, surgeons have been looking for a simpler, atraumatic method to control bleeding during surgery, but it simply didn't exist... Now, with LeGoo, surgeons can "clamp" without a clamp, using a phase-changing liquid/gel. No more squeezing and pressurizing, and thus no more fear of damaging fragile or calcified blood vessels. LeGoo™ has the potential to revolutionize the practice of surgery."
Proceeds from the Series B funding will be used to continue clinical and marketing studies in Europe and Canada, where the company has products approved for human use, and to further the FDA approval process in the United States.
Pluromed, Inc., Woburn, Massachusetts, founded in 2003, is a commercial stage company pioneering the use of injectable plugs to improve the safety, efficacy and economics of medical interventions. These products address a broad surgery market that includes cardiac and vascular surgery, prostate, kidney and liver surgery, plastic/reconstructive surgery, trauma/battlefield applications and the treatment of kidney stones. They are based on the Company's patented rapid reverse thermosensitive polymer technology; the polymers are liquid at low temperature and quickly transition to a high viscosity gel at body temperature.
The Company is developing, manufacturing and marketing under the brand name LeGoo™ a family of disposable medical devices that eliminate the need to expose fragile vessels to less effective and potentially damaging traditional tools such as clamps. The Company is working towards US market approval of LeGoo, which is already commercially available in Europe, where it is used clinically in Coronary Artery Bypass surgery (with or without a heart lung machine), in peripheral vascular surgery (femoral bypass, and arteriovenous fistula for hemodialysis patients), and in the occlusion of large arteries during regional chemotherapy.
The Company has also developed - under the brand name BackStopTM - a new, completely atraumatic device to prevent stone migration and stone fragment retropulsion during ureteroscopic lithotripsy (kidney stones removal). BackStop is being used clinically by select leading endourologists in Canada and Europe - where the product is approved for human use - as the company prepares for a full market launch in these countries and works towards US market approval. More information on Pluromed products and technology can be found at http://www.pluromed.com .
Certain statements made in this press release may be considered to be "forward-looking statements". Such forward-looking statements represent the expectations or beliefs of the management of Pluromed, Inc. concerning future events and include, without limitation, statements containing the words "believes", "plans"," anticipates", "expects", "may" and words of similar meaning or import. Such forward-looking statements relate to potential future events and the potential future financial performance of Pluromed, Inc. and the industry in which it is involved and the economic and political condition of the countries in which Pluromed, Inc. does or plans to do business and involve known and unknown risks, uncertainties and other important factors which could cause actual results, performance or achievements to differ materially from the results predicted in any forward looking statement. These forward-looking statements should not be relied upon as representing Pluromed's expectations or beliefs as of any date subsequent to the date of this press release.
Jean-Marie Vogel, Chief Executive Officer
Source: Pluromed Inc.