Friday, October 28, 2011

HyperBranch Medical Raises $1M in Funding

Wound and surgical sealant company HyperBranch Medical Technology has developed a gel intended as a sealant for brain and spinal procedures. The company is in the midst of clinical testing to see if it works as well as a sealant from Covidien.

Durham-based HyperBranch now has some more cash to help in that effort. HyperBranch has raised just over $1 million in equity financing, according to securities filings. The financing follows a $2.1 million fundraising nearly a year ago. Six existing investors in the company participated in the latest offering, which started on Oct. 3.

HyperBranch’s investors include Durham venture capital firm The Aurora Funds. Jeff Clark, a managing director at Aurora, is HyperBranch’s chief operating officer. HyperBranch is led by President and CEO John Conn, a medical device industry veteran of more than 30 years who has held positions at Baxter International and Onux Medical. Conn did not return calls seeking comment.

HyperBranch last year received a CE Mark in Europe for its Adherus Spinal Sealant, classified as a medical device for use in preventing cerebrospinal fluid (CSF) leakage during spinal surgery. The company also has regulatory clearance in Europe for ocular and cranial sealants as well as a hernia mesh fixation product.

After receiving the CE Mark for Adherus, HyperBranch last year began enrolling a clinical trial for the surgical sealant. In study details HyperBranch submitted to the the National Institutes of Health, the company explains that the company is studying Adherus in patients who have a cerebrospinal fluid leak at the end of surgery even after stitching and other standard measures have been taken. Participants in the trial will be randomized to receive either HyperBranch’s sealant or a currently available product from Covidien called DuraSeal. The study aims to determine if Adherus is as safe and effective as DuraSeal.

HyperBranch’s sealant is made of two component that form a gel when combined. A doctor applies the gel after closing the incision.

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