Neomend develops surgical sealants and adhesion prevention products based on its ProGEL hydrogel technology. ProGEL is a two-component hydrogel polymer sealant composed of human serum albumin and a polyethylene glycol cross-linker that, when mixed, rapidly forms a strong, adherent and flexible seal. The company is pursuing approvals for additional applications of ProGEL, according to CEO David Renzi. Neomend completed a $30M funding round to support those efforts and to move the company toward cash-flow break-even. In conjunction with the financing, medical device industry veteran David Clapper will join Neomend's board of directors. The company is based in Irvine, California. NeoMend is an Irvine, Calif. biomaterials company developing an adhesive gel called Pro/PEG that can be sprayed or injected into surgical and other wounds to close them. The company is focused on wound care and is preparing to launch its first product, which is aimed at sealing arterial injuries. The funding proceeds from the recent round are intended to cover that launch. In its third funding round NeoMend raised $6 million, and $4 million in bridge loans from Prospect Venture Partners and Sanderling Ventures converted into equity. Investors named in the financing include Prospect Venture Partners, Sanderling Ventures and other venture capitalists.

Total raised

$36M

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2010