Private equity-backed Cohera Medical Inc closes Series D round with $26.3M

By Nicel Jane Avellana

Jan 23, 2014 07:04 PM EST

Pittsburgh-based Cohera Medical Inc was able to obtain added financing worth $9.3 million to raise a total of $26.3 million for its Series D funding round. Names of the investors were not disclosed but the developer of absorbable surgical adhesives and sealants was previously supported by private equity firms Bradford Capital Partners and Kern Whelan Capital, according to PE HUB.

TissuGlu Surgical Adhesive is the first product of Cohera Medical Inc. The product is an internal surgical adhesive used for large flap surgical operations like tummy tucks which lessens or even eliminates the accumulation of fluid and the need to undertake post surgical drains, a company statement said.

Cohera Medical also makes the Sylys Surgical Sealant which is seen to have a potentially impact on the surgical market estimated to be worth $1 billion to $4 billion. Sylys is designed to lessen anastomotic leakage in intestinal anastomosis procedures, ensuring that suture or staple line is protected especially in the first few days after the operation when leaks are highly probable. Cohera was able to successfully conduct a clinical trial on humans which confirmed that Sylys is safe, the company said.

Proceeds from the latest funding round will be used to work towards obtaining regulatory approval in the US for TissuGlu Surgical Adhesive as well as CE Marketing approval for Sylys Surgical Sealant. Cohera Medical said the financing came at a very important time as the firm has just given to the US Food and Drug Administration at the end of 2013 its fourth and final module for TissuGlue in its Premarket Approval.

Cohera Medical President and Chief Executive Officer Patrick Daly said in the statement, "Our goal is to improve patient care and recovery time through natural healing and reduced post-operative treatments, so patients can quickly resume normal activities. The continued support from our investors is a testament to our significant milestones of 2013, which included the completion of our pivotal 'No-Drain' study for TissuGlu and our first in human study for Sylys."

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