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| Foam System for Acute Hemorrhage expanding in the abdominal cavity--Screenshot courtesy of Arsenal Medical |
Arsenal Medical and spinoff 480 Biomedical continue to share a lot despite an October 2011 separation. The startups still have the same leadership, share the same laboratory space and resources--and now they've made a joint disclosure of their latest financings.
Polymer-based foam and nanofiber player Arsenal has raised a $16 million round, while 480 Biomedical has raised $10.5 million to develop its bioresorbable scaffold products. The two rounds share the same syndicate, which includes Polaris Partners, North Bridge Venture Partners, and Intersouth Partners, and both include a conversion of existing debt in addition to new equity financing.
"As the chairman and an investor, it is tremendously gratifying to be a part of two companies that are transforming medical devices through innovations in materials science," said Carmichael Roberts of North Bridge. "The Arsenal Medical and 480 Biomedical teams have proven themselves to be highly efficient with their resources while pursuing novel breakthrough products that are poised to have significant and positive impacts on large patient populations."
Arsenal has two development-stage technology platforms: an in situ forming therapeutic foam and AxioCore, a coaxial nanofiber technology for controlled drug delivery. The former is expected to enter clinical testing later this year for acute abdominal hemorrhage, while the later has recently been partnered with two undisclosed pharma partners.
It has received grants from the U.S. Department of Defense, the National Institute of Standards and Technology's Technology Innovation Program and the Bill & Melinda Gates Foundation. In 2012, it got $15.5 million from Defense Advanced Research Projects Agency (DARPA) for Phase II testing of its foam product to control intra-abdominal bleeding in soldiers injured onp the battlefield.
"Currently, there are no effective pre-hospital treatments available for intra-abdominal bleeding on the battlefield," said Dr. David King from the Department of Trauma Surgery at Massachusetts General Hospital and a lieutenant colonel in the U.S. Army, in a statement on the company's site. "Our ultimate goal is to find innovative ways to improve treatment and save lives of those who are serving their country, as well as those who experience serious injury through trauma."
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| Maria Palasis |
As for 480 Biomedical, it has a fully self-expanding, bioresorbable scaffold--which the company says is the first in development to treat vascular disease--that will continue in an ongoing global clinical study in adults. The startup is also advancing a pediatric version.
"These organizations have made tremendous strides in their respective programs over the last several years, and the promise of our platforms has never been greater," concluded Maria Palasis, president and CEO of both companies, in a statement.
- here is the release