“This new financing reflects continued recognition by the investment community of the potential for our Hemolung technology to revolutionize the treatment of patients with acute respiratory failure,” said Peter DeComo, ALung Chairman and CEO. “Very importantly, we will utilize this financing to complete the work required to obtain [investigational device exemption] approval for a U.S.-based clinical trial under our recent EAP designation. We are very grateful to our investors for their continued confidence as we pursue this very exciting next step.”
The Hemolung RAS is a dialysis-like alternative or supplement to mechanical ventilation. ALung is pursuing the $6 billion acute respiratory failure market with applications of the device in patients with acute respiratory distress syndrome (ARDS) and chronic obstructive pulmonary disease (COPD). Since receipt of CE mark in 2013, leading centers and physicians around the world have implemented the Hemolung RAS into their clinical practices, and hundreds of patients have been safely treated with the technology.