ALung Technologies Inc. has raised a $10 million series B round in preparation for a product launch of its Hemolung oxygen-delivery device in Germany this year, the Pittsburgh Tribune-Review is reporting.
MedCity News reported back in December that the medical device company had already raised $6.6 million and filed for the CE Mark.
The Hemolung Respiratory Assist System is intended for patients with acute respiratory failure to avoid having to be on a mechanical ventilator. It supplements lung function through a small catheter and administers oxygen into the blood as it removes carbon dioxide.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
The global market for noninvasive ventilation was worth an estimated $187 million in 2009 and forecast to reach $263.4 million by 2014, according to a market report from IMS Research.
Despite a successful series B round, ALung CEO Peter DeComo told the Tribune-Review that the company will need at least $25 million more before it can launch its product in the U.S.
The Pittsburgh medical device maker has already raised $40 million since its inception from more than 100 angel investors and venture funds including Eagle Ventures and Birchmere Ventures.