Wound and surgical sealant company HyperBranch Medical Technology, moving to commercialize a new sealant technology in Europe and secure regulatory clearance in the United States, has raised $1.7 million in equity financing.
The securities offering started on May 25 — 10 days after the company announced it had received a CE Mark for its spray applicator that delivers a HyperBranch sealant used in cranial and spinal surgeries. The sealant itself had already secured the CE Mark. HyperBranch is still in the process of getting U.S. Food and Drug Administration clearance for the sealant spray applicator, called the Adherus AutoSpray.
Durham, North Carolina-based HyperBranch has developed surgical sealants based on synthetic hydrogels. The biodegradable sealants break down slowly as the tissue heals. HyperBranch’s technology of adhering tissues to prevent leakage is based on chemistry research originally developed at Duke University.
HyperBranch holds the CE Mark on five products. Besides the spray applicator the company has marketing approval in Europe for sealants for spine and cranial surgeries, an ocular sealant and a hernia mesh fixation product. HyperBranch’s liquid eye bandage OcuSeal was licensed to medical device giant BD (NYSE:BDX), which is marketing the product outside the United States.
[Photo from Flickr user zzzack]