St. Teresa Medical has started raising $2 million, according to its filing with the Securities and Exchange Commission.
The Minnesota company is commercializing a blood-clotting bandage named FASTCLOT, a soluble hemostatic bandage made out of electro-spun dextron, salmon thrombin and fibrinogen.
St. Teresa Medical hopes to launch FASTCLOT into both military and civilian trauma and surgical markets. Animal testing conducted on swine has been favorable. A key next step will be obtaining FDA approval to market the product.
The company is in the process of preparing a 510(k) submission, according to the St. Teresa Medical Web site.
The site also states the company eventually hopes to expand into additional markets, including consumer bandages.
St. Teresa Medical CEO Philip A. Messina declined to comment.
The blood-clotting product was jointly developed at the Virginia Commonwealth University and the Henry Jackson Foundation for the Advancement of Military Medicine.