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