PITTSBURGH--(BUSINESS WIRE)--ALung Technologies, Inc., a leading provider of low-flow extracorporeal carbon dioxide removal (ECCO2R) technologies for treating patients with acute respiratory failure, announced today that it has closed a $12 million financing from both new and existing investors. The funding will support continued commercialization of the company’s Hemolung Respiratory Assist System (RAS), a minimally invasive artificial lung device which removes carbon dioxide independently of the lungs through a process called Respiratory Dialysis®. The funding will also support ALung’s pursuit of FDA approval following its recent designation to the agency’s Expedited Access Pathway (EAP) program.
“This new financing reflects continued recognition by the investment community of the potential for our Hemolung technology to revolutionize the treatment of patients with acute respiratory failure,” said Peter DeComo, ALung Chairman and CEO. “Very importantly, we will utilize this financing to complete the work required to obtain IDE approval for a US-based clinical trial under our recent EAP designation. We are very grateful to our investors for their continued confidence as we pursue this very exciting next step.”
The Hemolung RAS is a dialysis-like alternative or supplement to mechanical ventilation. ALung is pursuing the $6 billion acute respiratory failure market with applications of the device in patients with acute respiratory distress syndrome (ARDS) and chronic obstructive pulmonary disease (COPD). Since receipt of CE mark in 2013, leading centers and physicians around the world have implemented the Hemolung RAS into their clinical practices, and hundreds of patients have been safely treated with the technology.
About ALung Technologies
ALung Technologies, Inc. is a privately-held Pittsburgh-based developer and manufacturer of innovative lung assist devices. Founded in 1997 as a spin-out of the University of Pittsburgh, ALung has developed the Hemolung RAS as a dialysis-like alternative or supplement to mechanical ventilation. ALung is backed by individual investors and venture firms including Allos Ventures, Birchmere Ventures, Blue Tree Ventures, Riverfront Ventures, the Accelerator Fund, and West Capital Advisors.
For more information about ALung and the Hemolung RAS, visit www.alung.com.
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