ThermalTherapeutic Systems makes the VeraTherm, a 26‑pound portable hyperthermic perfusion device cleared by the U.S. FDA in March 2010 that pumps heated or unheated fluid into patients' abdomens or chest cavities. Hyperthermic perfusion is sometimes used in treating cancer, and the company positions the device for that unmet clinical need. The company is Pittsburgh‑based and has hired Gardiner Smith as its new CEO to lead commercialization. ThermalTherapeutic is in the midst of raising a Series B to fund commercial launch and plans to begin selling the device in international markets. A Securities and Exchange Commission filing shows the company targeted $2 million for the Series B. The firm has already raised $800,000 toward that round from existing investors, and management says the ultimate equity raise will depend on how well the device sells. ThermalTherapeutic Systems is building a portable, 29-pound perfusion device roughly a foot high, a foot deep and a foot-and-a-half tall that delivers fluids into the abdomen and chest cavity. The device can handle a variety of heated and unheated solutions and is intended in part to deliver chemotherapy drugs to bathe tissue and shorten treatment times. The company submitted its application to the U.S. Food and Drug Administration in July and says the recent financing will help bring the product to market. In August it closed on $750,000 in capital, and it has now raised an additional $2.75 million. The round was presented as a catalyst to launch the technology. CEO Raymond Vennare previously ran a multimedia software business and served as an executive at ImmunoSite and TissueInformatics (the latter was acquired by BioImagene in 2006).

Total raised

$4M

Funding rounds

2

Latest round

Equity

Latest activity

Nov 2011