Medcura raises $7.4 Million to Expand FDA-Approved Line of Hemostatic and Wound Treatment Products
Riverdale, Md., August 12, 2021 – Medcura, Inc., a commercial-stage medical device company, today announced it has raised $7.4 million in private equity to support its growing product line and development of its lead surgical candidate for clinical evaluation. The financing includes the sale of Series A Preferred stock as well as common stock-based, in part, from certain investors benefitting from a Maryland Investment Incentive Program.
“Medcura has reached a pivotal point in our growth,” said Larry Tiffany, CEO of Medcura. “Our products are positively impacting the lives of patients and our community. With these funds, we can accelerate product development, expand our commercial footprint and bring the company’s potentially lifesaving technology to operating rooms and battlefields worldwide.”
Medcura’s mission is to continue the development and commercialization of a broad range of game-changing hemostatic and wound treatment products. These products include:▪ Rapid-Seal® becoming a market leader in high-performance, antibacterial first aid;
▪ LifeFoam™ under development as a breakthrough device for internal traumatic and military injuries; and
▪ LifeGel™ under development for use during routine surgery.
“Medcura exemplifies an ideal investment for us,” said David Kolsrud, managing partner of the FFI fund. “The Medcura team has been able to strategically leverage grants from the US Military with early equity investments to build an impressive corporate foundation; multiple FDA clearances, a growing estate of issued patents, recognition through numerous peer-reviewed publications, and most recently, commercial validation through the largest drug retailer in the U.S. We’re pleased to be a part of this financing and support the next phase in the Company’s growth.”
This foundation includes the scaled cGMP manufacture of Medcura’s core ingredient, hydrophobically modified polysaccharides, used in both marketed and developmental products. This, in combination with the Series A financing, will support completion of a key milestone: the planned pre-clinical development and Investigational Device Exemption (IDE) submission to the U.S. FDA, allowing the commencement of a registrational clinical trial for its lead surgical product, LifeGel, a new class of hemostat that, without thrombin, can provide rapid hemostasis in an antibacterial environment with no preparation nor anticipation prior to its use.
Indeed, the roots of the Company’s surgical program come from work supported by the US. Military, where Medcura’s hemostatic platform has been repeatedly challenged to treat severe and traumatic injuries. “I’ve had the chance to apply Medcura’s LifeFoam material on numerous occasions,” said Dr. David King, Associate Professor of Surgery at Harvard Medical School and Massachusetts General Hospital. “These studies involved what would otherwise be highly lethal bleeding in large animal models were it not for the use of LifeFoam. We’ve submitted results for peer review that demonstrate that the product can achieve rapid and durable hemostasis even after a severe traumatic injury. My research team has also found the core material used in LifeFoam to be quite benign and absorbable by the body in long-term chronic toxicity studies.”
These products all benefit from Medcura’s growing intellectual property estate, emergent FDA regulatory experience, and continual expansion of its manufacturing capabilities. Through these strategic competencies, Medcura has developed a greater understanding of how to best leverage this proprietary platform for the treatment of routine to extremely challenging injuries.
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