Pittsburgh-based respiratory assist devices manufacturer ALung Technologies announced that it was able to close its Series B-1 round with USD 15.8 million. The fundraising was led by Allos Ventures. West Capital Partners, BlueTree Capital Group, PLSG Accelerator Fund, Birchmere Ventures, Smithfield Trust Company and other private investors also gave their support to the ALung Technolgoes. So far, the life sciences firm had scored USD 56 million in capital.
ALung said it would use the proceeds of the fundraising for the commercialization of its Hemolung Respiratory Assist System. The device supplements mechanical ventilation and works by removing carbon dioxide from the body. Its commercial operations for the product have so far been limited to France, Germany and the UK. With the help of its distribution partners, ALung said it would be covering more markets.
ALung Chairman and Chief Executive Officer Peter DeComo said, "We appreciate the support of our new investment partners, along with our current investors, and their belief in the potential for the Hemolung RAS to help the large number of patients suffering from acute respiratory failure. This new capital represents a strong vote of confidence in ALung."
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