US-based Sealonix has received $20m in Series A financing for the development of sealant products for abdominopelvic and orthopaedic procedures.
Led by Excelestar Ventures, the round included participants AMED Ventures, Sparta Group, Iyengar Capital, J2 Ventures and TiE Boston.
The funds raised in this round will also be utilised to expand the development team and carry out clinical trials.
Excelestar Ventures’ founding partner Tasneem Dohadwala will now serve on Sealonix’s board of directors.
Dohadwala said: “At Excelestar, we are excited to partner with Sealonix’s experienced team to bring this next-generation haemostatic sealant to market.”
Founded in January this year, Sealonix leverages its biomaterials expertise to develop advanced haemostatic sealants for surgical applications.
Initially, the company is focused on the development of a sealant patch to offer rapid haemostasis for abdominopelvic and orthopaedic procedures.
The PramStat patch is engineered to absorb within one week after it is implanted.
Sealonix CEO Amar Sawhney said: “The PramStat patch builds on many years of research done by this experienced team, and now will move rapidly into clinical development.
“This capital will allow us to complete clinical development and pursue FDA approval. We look forward to bringing the most advanced device and method to control surgical bleeding to surgeons.”