Sealonix announced today that it has closed a $20 million Series A financing. The round was led by Excelestar Ventures with additional participation from AMED Ventures, Sparta Group, Iyengar Capital, J2 Ventures and TiE Boston.
Sealonix is using its biomaterials expertise to develop next generation hemostatic sealants for surgical use. The initial product that Sealonix is developing is a sealant patch providing rapid hemostasis for abdominopelvic and orthopedic procedures. The PramStat patch is designed to bioabsorb within a week following implantation. The proceeds from this round will be used to grow the development team and execute clinical trials.
Dr. William Spotnitz, Professor of Surgery at the University of Virginia Health System with over 20 years in hemostat device research, noted, “Obtaining hemostasis with existing approved devices during surgical procedures can be a challenging and time-consuming task. The PramStat patch has the potential to drastically reduce this time as well as instill confidence in the durability of the hemostatic seal.”
“At Excelestar, we are excited to partner with Sealonix’s experienced team to bring this next generation hemostatic sealant to market,” said Tasneem Dohadwala, Founding Partner at Excelestar Ventures, who will also be joining Sealonix’s Board of Directors.
Amar Sawhney, Sealonix CEO, commented, “The PramStat patch builds on many years of research done by this experienced team, and now will move rapidly into clinical development. This capital will allow us to complete clinical development and pursue FDA approval. We look forward to bringing the most advanced device and method to control surgical bleeding to surgeons.”
Source:PRNewswire/ Techwithat/ Sealonix Inc
