The Venture Codex

Participated · Series C · Apr 2017

ALung Technologies develops the Hemolung Respiratory Assist System (RAS), a minimally invasive artificial lung that removes carbon dioxide independently of the lungs using a process called Respiratory Dialysis®. The company focuses on low‑flow extracorporeal carbon dioxide removal (ECCO2R) to treat patients with acute respiratory failure. The Hemolung RAS has been used to treat hundreds of patients outside the United States since 2013 and received FDA Expedited Access Pathway designation in 2015. ALung plans to use new funding to support a U.S.‑based pivotal clinical trial aimed at FDA approval and broader availability in the United States. The company is privately held and headquartered in Pittsburgh; it was founded in 1997. The recent financing strengthens clinical and commercialization plans while adding strategic partners to its board and advisory ranks. ALung Technologies is a privately held Pittsburgh-based developer and manufacturer of low-flow extracorporeal carbon dioxide removal (ECCO2R) technologies, notably the Hemolung RAS which uses a Respiratory Dialysis® process. The Hemolung RAS is positioned as a dialysis-like alternative or supplement to mechanical ventilation for acute respiratory failure, with applications in ARDS and COPD. The company reports CE mark clearance in 2013, global clinical adoption at leading centers, and that hundreds of patients have been treated with the technology. ALung is pursuing a share of the estimated $6 billion acute respiratory failure market. The company plans to use recent financing to support continued commercialization and to complete work required to obtain IDE approval for a U.S.-based clinical trial following its Expedited Access Pathway (EAP) designation. ALung was founded in 1997 and is backed by individual investors and venture firms named in its filings. ALung Technologies develops and manufactures the Hemolung Respiratory Assist System (RAS), a low‑flow, minimally invasive extracorporeal carbon dioxide removal (ECCO2R) device. The Hemolung provides Respiratory Dialysis® as an alternative or supplement to mechanical ventilation with indications including acute exacerbation of COPD and ARDS. The device was tested at 43 hospitals in 13 countries and following a successful clinical trial in Germany received regulatory clearances in Europe and Canada. ALung initiated a controlled launch in mid‑2013 and has accelerated commercial roll‑out in Germany, the UK, France, Canada, and Australia. The Hemolung RAS is currently approved in 29 countries across Europe, the Middle East, and Asia‑Pacific. The company says it will use new financing to accelerate global commercialization of the technology. ALung Technologies develops extracorporeal respiratory assist devices, principally the Hemolung Respiratory Assist System (RAS), a dialysis-like extracorporeal carbon dioxide removal (ECCO2R) system. The Hemolung RAS provides Respiratory Dialysis® as a simple, minimally invasive alternative or supplement to mechanical ventilation and has indications for ARDS and acute exacerbation of COPD. The device is approved for sale in Europe and Canada, and ALung has established direct commercial operations in Germany, France, and the United Kingdom while entering additional markets through distribution partners. The company intends to use new capital to support global commercialization and to further develop next-generation products and platform technologies for less-invasive extracorporeal lung support. To date ALung has raised $56 million in equity capital, and the recent financing will primarily support the global launch of the Hemolung RAS. ALung's lead product, HemoLung, is an extracorporeal artificial lung that removes carbon dioxide from blood while infusing oxygen via a catheter into the femoral or jugular vein. The device is intended for patients with acute respiratory failure to help them avoid mechanical ventilation. Four months after receiving CE Mark approval, ALung is commercializing HemoLung in Germany, France, the UK and Canada and plans sales in Canada and Australia. The company has set up 10 reference centers, is hiring clinical specialists and support staff, and is seeking distributors in Europe, Canada and Australia. ALung estimates a patient population of about 900,000 and a market opportunity of roughly $4.6 billion. The company was started in 1997 by Dr. Brack Hattler and Bill Federspiel.

Participated · Series B · Sep 2015

Cognition Therapeutics uses disease-relevant screening and novel chemistry platform approaches to produce a pipeline of new small-molecule drug candidates targeting protein misfolding diseases of the nervous system. Its lead clinical candidate is a highly brain-penetrant, orally bioavailable small-molecule receptor antagonist that blocks memory deficits in Alzheimer’s disease models. The company is led by CEO Dr. Hank Safferstein. Cognition completed a $12M Series B financing to support its programs. The proceeds will be used to advance its lead Alzheimer’s program into Phase 1 clinical studies by the end of 2015. The company is based in Pittsburgh, PA. Cognition Therapeutics is a drug discovery company developing disease-modifying therapies for central nervous system disorders, with a focus on Alzheimer’s disease. The company uses proprietary, biologically-relevant screening technology across biology and chemistry platforms to discover novel drug targets. Its platforms have produced compounds that selectively block soluble Abeta oligomer–induced toxicity on synapses without affecting normal Abeta expression or function. Mechanism-of-action studies have revealed strategies to target receptors and pathways central to Alzheimer’s pathology. The company was founded in 2007 and is led by CEO Hank Safferstein, Ph.D., J.D. Financially, Cognition Therapeutics has received multiple financings, including a recent $138K funding commitment and prior Series A1 financing. Cognition Therapeutics is a Pittsburgh-based drug discovery company focused on novel small molecules intended to block the central toxicity of proteins in Alzheimer’s and other neurodegenerative diseases. The company has developed multiple screening strategies to identify candidate compounds that target disease pathways. Led by President and CEO Hank Safferstein, Ph.D., J.D., Cognition aims to advance its lead compounds toward Investigational New Drug (IND) candidate status. Financially, the company recently closed a $2.5M Series A1 financing comprised of new investment and conversion of convertible debt. The proceeds are earmarked to bring compounds to IND-candidate readiness. In conjunction with the financing, Dr. Nada Jain of Golden Seeds and Mark Breedlove of Keystone Profiles joined the company’s board of directors. Cognition Therapeutics focuses on detecting Abeta proteins implicated in Alzheimer’s and developing molecules to block their harmful effects. The company is developing tests to identify those proteins and therapeutic molecules intended to stop or reverse Alzheimer’s-related degeneration. Cognition says its discoveries could also be applied to other neurodegenerative diseases. The underlying advancements are licensed from California State University Channel Islands. Cognition moved to Pittsburgh about two years ago from California. The company has raised $1.2 million in a Series A to further study its tests and treatments.

Participated · Series C · Dec 2014

Rinovum Women’s Health develops and markets The Stork products, including The Stork OTC, a home-use cervical cap insemination aid designed to help couples conceive privately. The company received FDA clearance for over-the-counter use of its product in July 2014. Since that clearance it has launched in three markets: the United States, Canada and the United Kingdom, with product available at select retailers and online. The Stork OTC incorporates a condom-like collection sheath and a tampon-like delivery/removal cap to enable at-home use before or after more costly in-clinic treatments. Rinovum emphasizes affordability and ease-of-use as core product attributes and says customer feedback, including reports of pregnancies, is driving its intent to continue worldwide expansion. The company is privately held and has been supported by regional investors and incubators. Intimate Bridge 2 Conception (Ib2C) is a Pittsburgh-based direct-to-consumer medical device company focused on reproductive health. Led by founder and CEO Steve Bollinger, the company develops healthcare products to help women and couples achieve reproductive goals. Its lead product, the Stork, is a proprietary, non-pharmaceutical device intended to assist couples with conception at home and is being evaluated by the FDA for safety and effectiveness. Ib2C positions the Stork as an alternative to assisted reproductive technology (ART). The company closed a $4.3M Series A financing and said it will use the capital for manufacturing and marketing to prepare for the product's planned 2012 launch. The financing was reported on December 22, 2011. Intimate Bridge to Conception, Inc. is a newly formed Pittsburgh, PA-based medical device company focused on reproductive health to aid natural fertility and conception at home. Launched in September by founder and CEO Stephen Bollinger, the company provides healthcare products designed to help women and couples reach their reproductive goals. Its lead technology, Focus Touch™, is a take-home, conception aid system designed to have similar results to Interauterine insemination (IUI). The company received $475k in equity funding to support its development efforts. The proceeds from the investment will be used to help bring its product to market. Intimate Bridge to Conception aims to offer a private, at-home alternative to clinical fertility procedures.

Led · Series A · Jun 2012

Quantum OPS is an orthopedic technology company serving operating-suite professionals. Its first product, the Quantum Shoulder Positioning System, enables clinicians to immobilize, stabilize, and position patients of all sizes for shoulder surgery. The company intends to use recent funding to accelerate sales of that system and to launch new products. Its development pipeline includes a surgical arm positioner, an arthroscopic knee positioner and other positioning accessories. Quantum OPS closed a $1.05M Series A to support these commercial and product-development efforts. The company is led by CEO Keith Harper.