Four months after receiving CE Mark approval from European regulators for its artificial lung device, ALung Technologies is embarking on the commercialization of its medical device in Germany, France, the UK and Canada.
Its lead product, HemoLung, removes carbon dioxide from a patient’s blood while infusing it with oxygen. The oxygen is delivered through a catheter into the femoral or jugular vein, a little bit like kidney dialysis. The technology is designed for patients with acute respiratory failure and could help these patients to avoid needing to breathe through a tube or ventilator.
The $9.5 million it raised, according to an amended Form D filing this week, will be used to help ALung shift into the fast lane of commercialization after years as a development company. It has set up 10 reference centers and is looking to hire clinical specialists and support staff. It’s also looking for distributors in Europe as well as Canada and Australia, where it will also sell the device.
Among the investors that participated in previous financing rounds are Eagle Ventures, a Pittsburgh private equity firm, and Birchmere Ventures, a Pittsburgh-based early stage venture capital firm.
It views the patient population at about 900,000 with a market opportunity of about $4.6 billion.
The company was started in 1997 by Dr. Brack Hattler, who was a cardiothoracic surgeon at University of Pittsburgh Medical Center, and Bill Federspiel, director of the Medical Devices Laboratory: Biotransport, Pulmonary, and Cardiovascular at the university’s McGowan Institute for Regenerative Medicine.
As for the U.S. market, it is still evaluating its trial strategy. A person familiar with the company said it doesn’t expect any studies to begin until next year.
