Neomend receives $30M in funding to expand applications of its ProGEL anti-adhesive sealant for spine
Neomend, Inc. in Irvine has received $30 million in equity funding including $17 million from Clarus Ventures LLC. Neomend Inc. makes wound sealing products for surgeries. Its ProGEL technology forms a rapid, strong and flexible seal. Also participating in this fourth round of outside funding are Sanderling Ventures, Novo Ventures, Vivo Ventures and Prospect Venture Partners.
CEO David Renzi…. “This new funding will move Neomend toward cash flow break-even, as we also pursue approvals for other applications of ProGEL.”
Neomend has received premarket approval from the FDA for a thoracic surgery application of ProGEL Pleural Air Leak Sealant. Renzi said ProGEL, in addition to thoracic surgery, has potential applications in spinal, gynecological and general surgery as well as preventing unwanted scar tissue adhesion.
The Orange County Register… http://ow.ly/11ak6