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news.MedaSorb Technologies has announced the closing of a $4.45 million private placement of its Series B 10% cumulative convertible preferred stock.
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The funding is targeted for the company’s Sepsis study currently underway in Germany. In addition, the funding will allow MedaSorb to support the CE Mark application process and position it for commercialization.
The private placement was led by the NJTC Venture Fund. Additional institutional participants included Cahn Medical Technologies, Adelson Partners, as well as previous institutional investors, Alpha Capital and Ellis International. The amount raised included $175,000 in principal debt that was converted into the placement.
Al Kraus, president of MedaSorb, said: “We believe this financing demonstrates a strong interest in the potential of our technology, and will enable us to continue our on going clinical study in Europe enrolling up to 80 patients. We anticipate submitting clinical results in 2009 and will seek CE Mark regulatory approval.”