It may sound fanciful, but Cohera Medical exists to replace sutures and staples with surgical glue. It seems the idea gets the buy-in from investors too, as the company has announced closure of the first tranche of a $50 million equity financing, led by global investment firm KKR, with participation from existing private investors.
Cohera Medical, Inc. develops surgical adhesives and sealants, based on a unique chemical design that it tells us is resorbable, non-toxic, easy-to-use, and forms a strong bond between tissue layers. The Company’s lead product, TissuGlu® Surgical Adhesive, is indicated for use in the U.S. for the approximation of tissue planes in abdominoplasty procedures. TissuGlu is currently approved for sale in the EU for the approximation of tissue layers where subcutaneous dead space exists between the tissue planes in large flap surgical procedures such as abdominoplasty and is being utilized in Europe to eliminate drains or reduce complications in patients undergoing large flap surgical procedures such as abdominoplasty, mastectomy, lymph node dissection, decubitus and latissimus dorsi flap procedures.
The Company will use the funds to launch U.S. commercial sales of TissuGlu and also says it intends to advance clinical trials for Sylys, an innovative surgical sealant under development for bowel repair, another procedure with significant market potential.
As part of the transaction, Ali Satvat, Director on KKR’s health care investing team, will join Cohera’s Board of Directors.
“In clinical trials, surgeons were able to eliminate the need for post-surgical drains by using TissuGlu, reducing the need for invasive treatments for their abdominoplasty patients, and improving the patient recovery process. The Premarket Approval (PMA) supports the safety and effectiveness of TissuGlu as an alternative to the use of closed suction drains,” said Patrick Daly, President and CEO of Cohera Medical. “We are excited to partner with KKR as we initiate commercialization of TissuGlu in the U.S. and believe that the Company’s pipeline of products holds great promise for both patients and surgeons.”
“We look forward to partnering with Patrick and his experienced team,” said Mr. Satvat. “Cohera Medical has demonstrated an impressive ability to innovate transformational health care products and is at the forefront of new technologies in the expanding surgical adhesives and sealants market.”
Source: Business Wire