RIVERDALE, Md., April 3, 2024 /PRNewswire/ -- Medcura, Inc., a developer of hemostatic products for use in surgery, today announced that it has closed a private placement with aggregate gross proceeds of US $22.4 million (the "Offering") in Convertible Debt. The Company intends to use the proceeds from this Offering to accelerate the development of its lead surgical product, LifeGel™ Absorbable Hemostatic Gel. Medcura will complete its pre-clinical testing and file an Investigational Device Exemption for LifeGel with the U.S. FDA to support a global investigational study focused on stopping bleeding in spinal surgery. Current hemostatic agents swell and can cause neurological issues, including paralysis, when used in confined spaces routinely addressed in spinal surgery.
Medcura's Chief Executive Officer Jim Buck stated, "We remain highly encouraged by the continued momentum and pace of successes around our Life™ platform of innovative surgical hemostatic agents. Our new and existing investor partners understand, and are aligned with, the Company's strategy to seismically transform the $2.8 billion worldwide biosurgery market for hemostatic agents. This funding support is timely and crucial to further advance our progress into a pivotal clinical trial and global commercialization of the platform's lead product, LifeGel."
"We are pleased to have facilitated this significant capital raise during a period of extreme market volatility," said Larry Tiffany, Medcura's Executive Chair. "The strong demand for investment in Medcura, despite spartan market conditions, is a direct reflection of the strength of the Company's leadership and the accomplishments we've demonstrated using our innovative and disruptive technology."
Medcura develops first-of-its kind hemostatic products based on the Company's proprietary technology. These revolutionary surgical gels, foams, powders, and textiles are designed to quickly stop bleeding in surgery, at trauma centers, on the battlefield, and at home. Medcura received the first and only FDA Breakthrough Device Designation for use in managing surgical hemostasis based on the no-swell characteristic of LifeGel, intended to be first approved for use in the confined spaces of spinal surgery. The Company's LifeFoam™ is also a recipient of an FDA Breakthrough Device Designation and was recently cited in publications for having "significant potential" to save lives in military combat settings.
Jacob Rodman, CEO of Raleigh Neurosurgical Clinic and President-elect of the Neurosurgery Executive Resource and Value Education Society, said of his neurosurgery group's recent investment, "We attended one of Medcura's live demonstration labs featuring LifeGel in challenging spinal bleeding models. Our surgeons were very impressed with the hemostatic performance and view the safety (non-swelling) advantages as having significant implications for the patient, surgeon and hospital alike." Indiana Spine Group CEO Hardy Sikand, also representing an investment by this influential surgery team, commented "The potential for dramatically improved economics in the $1 billion market segment for flowable hemostats drew our team into participating in a live LifeGel surgical demonstration. We were impressed by the strong bleeding control and the domain experience and accomplishments of the executive team. We wanted to be a part of their exciting and high potential emergence into this large and mature market that's remarkably ripe for transformational innovation."
About Medcura, Inc.
Medcura, Inc. is a commercial-stage medical device company developing versatile hemostatic products serving large surgical, medical, and consumer market opportunities. The Company's proprietary technology platform combines the use of safe, inert ingredients with patented chemistries, all aimed at introducing disruptively lower-cost products capable of safely and effectively controlling bleeding across a broad spectrum of clinical applications. Learn more about Medcura's growing product line at www.medcurainc.com.
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SOURCE Medcura, Inc.