By E. Janene Geiss
Philadelphia, Nov. 1 - Celleration, Inc. said it raised $20.6 million in series C financing round.
Triathlon Medical Ventures and New Science Ventures were the lead investors. Other investors included Baird Venture Partners, CID Capital and Seneca Health Partners. Follow-on investors included Affinity Ventures, Upper Lake Growth Capital, Prism, Venture Investors and AAVIN Equity Partners.
The company plans to use the financing to fund commercialization of its MIST therapy in patients with chronic and hard-to-heal wounds for diabetic, vascular and pressure ulcers, officials said in a company news release.
MIST therapy is a portable active wound therapy that has been shown to increase incidence of closure and decrease the time to achieve complete wound closure of chronic wounds. More than 12 million people annually suffer from chronic wounds, costing the U.S. health system more than $12 billion, officials said.
As part of the financing, George Emont, partner with Triathlon Medical Ventures and Somu Subramaniam, principal with New Science Ventures, will join the company's board of directors, officials said.
"We believe that Celleration is well on their way to commercialization of their product given the results of their clinical trials, their FDA approval and the increasing demand for their product in the clinics," George Emont of Triathlon Medical Ventures, said in the release.
Celleration is an Eden Prairie, Minn.-based medical device company focused on developing and commercializing its therapeutic ultrasound platform.
| Issuer: | Celleration, Inc.
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| Issue: | Series C financing
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| Amount: | $20.6 million
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| Investors: | Triathlon Medical Ventures, New Science Ventures (leads), Baird Venture Partners, CID Capital, Seneca Health Partners, Affinity Ventures, Upper Lake Growth Capital, Prism, Venture Investors and AAVIN Equity Partners. |
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| Announcement date: | Nov. 1
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