Cohera Medical, Inc. Announces Closing of Insider Round of Financing for Over $7.6 Million

May 07, 2008, 01:00 ET from Cohera Medical, Inc.

    PITTSBURGH, May 7 /PRNewswire/ -- Cohera Medical, Inc., a rapidly
 growing medical device company developing a suite of wound management
 systems and surgical adhesives, announced today that it has closed an
 insider round of financing for over $7.6 Million. The proceeds of this
 transaction will support the growth of the company through pilot clinical
 trials for its lead product, TissuGlu(R), a strong, resorbable surgical
 adhesive, as well as pre-clinical development of Cohera's product pipeline.
     "Cohera has generated significant value since our last financing and
 this is reflected in the strong support from our shareholders," said
 Patrick Daly, President and CEO of Cohera Medical. "The team at Cohera is
 focused on developing world class products that improve patient care and we
 are excited about the future of the Company."
     "As Cohera's largest investor through our affiliate Kern Medical, LLC,
 we are delighted to once again lead its investment round," said Jay Kern,
 Founder and General Partner of Kern Whelan Capital, LLC, and Manager of
 Kern Medical II. "Strong participation by existing investors in this
 financing reflects the significant accomplishments that Patrick and his
 team have made in developing Cohera's revolutionary line of adhesive
     Cohera Medical, Inc. has made significant progress in developing its
 lead product TissuGlu(R) since the closing of the series A financing in
 July 2006. "The success of the insider round proves the faith and
 confidence existing investors have in the future of Cohera and the value
 created since the last round," said Dr. Doros Platika, Chairman of the
 Board for Cohera Medical. "This is further evidence that when outstanding
 technology is combined with a superb management team and a deep Board of
 Directors, a medical technology company can successfully thrive in
 Pittsburgh and attract capital from throughout the nation."
     About Cohera Medical, Inc.
     Cohera Medical, Inc. is developing a revolutionary line of wound
 management products and surgical adhesives. Our products are based on a
 unique chemical design that is purely synthetic, easy to use, biocompatible
 and fully resorbable. Our lead product in development, TissuGlu(R), is a
 sprayable bonding agent for plastic surgery procedures. TissuGlu(R) adheres
 flaps of tissue after surgical procedures, eliminating the spaces where
 fluid accumulates and reducing wound drainage. Pre-clinical testing has
 shown that TissuGlu(R) virtually eliminates seroma formation, one of the
 most common complications of abdominoplasty procedures. Cohera is also
 developing additional surgical adhesives targeting mesh fixation and small
 bone fixation, which will fill similar market needs in both orthopedics and
 general surgery. TissuGlu(R) and the other Cohera products have not yet
 been approved for medical use by the Food and Drug Administration (FDA) in
 the US or by any other country's regulatory authority.
     Certain statements made throughout this press release that are not
 historical facts contain forward-looking statements regarding the Company's
 future plans, objectives and expected performance. Any such forward-looking
 statements are based on assumptions that the Company believes are
 reasonable, but are subject to a wide range of risks and uncertainties and,
 therefore, there can be no assurance that actual results may not differ
 materially from those expressed or implied by such forward-looking

SOURCE Cohera Medical, Inc.