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For immediate release
Adhezion Biomedical Completes Series A Financing
Reading PA. (March 10, 2008)--Adhezion Biomedical, formerly Spartan Medical, is a provider of medical adhesive (cyanoacrylate-based) products that bond or protect human tissue, today announced that it has raised $3 million in a series A financing. The financing was from Originate Ventures, a Bethlehem-based venture capital firm that invests in early stage, high growth opportunities.
Adhezion Biomedical has a proprietary formulation to either bond skin tissue (replacing sutures, staples and bandages) or be a protective barrier to prevent infection (an anti-microbial surgical sealant). The products requires no refrigeration, no blending, dry faster, and are more flexible Both surgeons and the patients agree these products are remarkable, particularly because they are both durable and biodegradable. They are sold under the FixCut & SurgiSeal brands; targeted to surgeons, reconstructive physicians and skin specialists.
“Our patented OctylFlex ingredient can be used in an extremely wide array of topical product applications, addressing skin lacerations, incisions and plastic surgery. The trend of less disruptive, more natural healing solutions is well documented in Europe and Asia. Plus, we have made considerable progress in obtaining regulatory hurdles, including FDA approval for an OTC version, and a CE mark for Europe. We’re very excited about the future”, said an enthusiastic Pete Molinaro, recently appointed CEO.
“We are pleased with our fund’s first investment”, said Mike Gausling, Managing Partner of Originate Ventures. “We expect to leverage the product advantages, as Originate Ventures brings proven brand-building, operations and financial expertise to accelerate growth, especially given the number of markets we will be entering. We believe our unique skills will define a new standard among private equity firms.”
About Adhezion Biomedical
Adhezion Biomedical is a privately held company whose mission is to be the leading provider of adhesion and barriers products for connective tissue (human skin). The octyl-based formulations are developed and produced in their FDA approved facility, located in Hudson, NC. Pete Molinaro has an extensive background in commercializing products and a deep knowledge of the medical distribution channels. He also serves on the Ben Franklin Tech Center Board in the Lehigh Valley. Adhezion Medical recently received 510k and a CE for their core products, which are currently in distribution. The original company name, Spartan Medical, was recently changed to Adhezion Biomedical to reflect a closer description of the product benefits and emphasis on human biology.
About Originate Ventures
This is the inaugural investment of Originate Ventures, a $50 million venture capital fund, located in the Keystone Innovation Zone (KIZ) in Bethlehem, PA. Founded by Mike Gausling and Eric Arnson, OV focuses on early stage companies with higher margins and capital efficient business models, located in Eastern Pennsylvania. They are entrepreneurial partners, providing expertise in brand building, operations and finances. Their proven methods accelerate growth by shortening the time from business concept to profitable product portfolio. Investments are targeted from $500,000 to $4 million. Originate Ventures are truly Entrepreneurs Investing In Entrepreneurs.
For more details, visit www.Adhezion.com or request specific information: info@Adhezion.com
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