ALung Technologies Raises $15.8 Million in Series B-1 Financing
PITTSBURGH -- September 11, 2013
ALung Technologies, Inc., a leading developer of innovative respiratory assist
devices, today announced that it has closed a $15.8 million Series B-1
financing round. Allos Ventures led the financing, with West Capital Partners,
Birchmere Ventures, BlueTree Capital Group, PLSG Accelerator Fund, Smithfield
Trust Company, and several additional private investors also participating in
the round. The round is one of the largest this year in Pittsburgh’s life
The proceeds will primarily support ongoing global commercialization of the
Hemolung Respiratory Assist System (RAS), a new extracorporeal carbon dioxide
removal (ECCOR) system that provides a dialysis-like alternative or
supplement to mechanical ventilation. ALung has established direct commercial
operations in Germany, France, and the United Kingdom, and is entering
additional markets in conjunction with distribution partners. To date, the
Company has raised a total of $56 million in equity capital.
“We appreciate the support of our new investment partners, along with our
current investors, and their belief in the potential for the Hemolung RAS to
help the large number of patients suffering from acute respiratory failure,”
said Peter DeComo, Chairman and CEO of ALung. “This new capital represents a
strong vote of confidence in ALung. In addition to supporting our global
launch of the Hemolung RAS, this financing will permit further development of
next-generation products and platform technologies for providing less-invasive
extracorporeal lung support.”
“We are pleased to be working again with Pete on another innovative medical
device,” said John McIlwraith, Managing Director of Allos Ventures. Mr.
McIlwraith was also an investor in Renal Solutions, a Pittsburgh-based medical
device company formerly led by Mr. DeComo and acquired by Fresenius Medical
Care in 2007 for $190 million. “We estimate that the market for ECCOR is
upwards of $4 billion, and ALung is poised to capture a substantial portion
with the Hemolung RAS, which saves both hospitals and insurers money by
avoiding intubation and invasive mechanical ventilation, while greatly
improving the quality of care for patients.”
About the Hemolung RAS
The Hemolung RAS is a dialysis-like alternative or supplement to mechanical
ventilation. The system provides Respiratory Dialysis^®, a simple, minimally
invasive form of extracorporeal carbon dioxide removal (ECCO₂R) and has
indications for use in patients with acute respiratory distress syndrome
(ARDS) and acute exacerbation of chronic obstructive pulmonary disease (COPD).
The device is approved for sale in Europe and Canada.
About ALung Technologies
ALung Technologies, Inc. is a 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.
For more information, please visit http://www.alung.com.
About Allos Ventures
Allos (www.allosventures.com) invests in early-stage technology companies in
the Midwest, augmenting the capital provided by angel investors who have
helped the companies reach a stage at which they are ready for their first
institutional financing round. The fund focuses on industries where the Allos
investment team has investing and/or operating experience – primarily software
and technology-enabled business service companies. Allos’ principals believe
in the benefits of a “hands-on” approach to venture capital investing, which
allows the firm’s partner companies to leverage the business-building skills
and resources developed by the Allos principals over the past decade, as well
as those of the firm’s investors, many of whom are successful entrepreneurs.
This press release may contain forward-looking statements, which, if not based
on historical facts, involve current assumptions and forecasts as well risks
and uncertainties. Our actual results may differ materially from the results
or events stated in the forward-looking statements, including, but not limited
to, certain events not within the Company’s control. Events that could cause
results to differ include failure to meet ongoing developmental and
manufacturing timelines, changing GMP requirements, the need for additional
capital requirements, risks associated with regulatory approval processes,
adverse changes to reimbursement for the Company’s products/services, and
delays with respect to market acceptance of new products/services and
technologies. Other risks may be detailed from time to time, but the Company
does not attempt to revise or update its forward-looking statements even if
future experience or changes make it evident that any projected events or
results expressed or implied therein will not be realized.
Pascale Communications, LLC
Amy Phillips, 412-327-9499
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